Apple on Monday announced that longtime Chief Financial Officer Luca Maestri will be leaving his CFO post at the end of this year. Apple’s new CFO will be Kevan Parekh, who currently serves as vice president of Financial Planning and Analysis.

Maestri will continue to work for Apple and lead its Corporate Services teams, which include corporate IT, information security, and real estate and development. He will continue to report to Apple CEO Tim Cook.

“Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple,” said Cook in a press release. “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,” said Tim Cook, Apple’s CEO.”

Maestri became Apple’s CFO in 2013 after he held the same position at Xerox. his career started with GM, where he spent 20 years in finance and operation roles. Parekh also joined Apple in 2013. He was Thompson Reuters’ Corporate Treasurer before joining Apple.