Apple Chief Financial Officer Luca Maestri is set to step down at the start of next year.
Maestri will exit the CFO office starting Jan. 1 but continue to lead Apple’s corporate services teams, according to a Monday (Aug. 26) press release. Kevan Parekh, Apple’s vice president of financial planning and analysis, will take his place.
Apple CEO Tim Cook said in the release that Maestri “has been instrumental in improving and driving the company’s financial performance, engaging with shareholders and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company.”
Cook added that Parekh’s “sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
During his tenure as CFO of Apple, Maestri “enabled essential investments and practiced robust financial discipline,” helping Apple more than double its revenue, the release said. Services revenue increased more than five times.
“It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,” Maestri said in the release. “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO.”
Parekh has been with Apple for 11 years and led the company’s worldwide sales, retail and market finance efforts before moving into his current role. Before Apple, he held various senior leadership positions at Thomson Reuters and General Motors.
In other Apple news, the company plans to introduce Apple Intelligence, a sweeping artificial intelligence initiative that experts say could reshape the rules of digital commerce.
Apple is wading into a Silicon Valley AI arms race. Google is integrating the technology into its search engine, Microsoft is making it a part of Office and Meta is weaving it into its social media platforms.
