Luca Maestri, Apple’s chief financial officer (CFO) since 2014, will transition to head of Corporate Services on January 1, 2025, the iPhone giant said Monday. Kevan Parekh, Apple’s vice president of Financial Planning and Analysis, will assume the role of CFO.
“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 Apple CEO Tim Cook. “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.”
Apple plans for new CFO Kevan Parekh to replace Luca Maestri as of January 1, 2025
The big personnel shift in financial services comes as Apple continues to cement its position as one of the world’s most valuable companies. It’s currently on a roll in the top spot, with a market cap over $3.4 trillion. And the new job shift becomes official on the first day of the new year, which is also the first day of Apple’s fiscal-year second quarter (its first quarter is always the typically high-grossing holiday season). All of us accustomed to listening in on Apple’s quarterly earnings calls will have a new voice to get accustomed to, alongside Cook’s, amid all the financial lingo they throw around.
During Maestri’s tenure as CFO, Apple has seen remarkable financial growth. The company more than doubled its revenue, with services revenue experiencing an impressive five-fold increase, the company said. This growth has been particularly significant for Apple users, as it has enabled the company to invest heavily in research and development, leading to innovative products and services that have enhanced the Apple ecosystem. Maestri, by the way, was once named the “most-admired CFO in the world.”
Planned succession strategy
Maestri’s transition is part of a carefully planned succession strategy. He will continue to lead Apple’s Corporate Services teams, including information systems and technology, information security, and real estate and development. This move ensures that Apple will continue to benefit from Maestri’s expertise in critical areas of the company’s operations, Cook said.
Taking over the CFO position will be Parekh, currently Apple’s Vice President of Financial Planning and Analysis. Parekh, an 11-year veteran of the company, brings plenty of experience to the role. His background includes leadership in various financial aspects of Apple’s business, including Worldwide Sales, Retail and Marketing Finance.
“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” said Cook. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Before joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. He is an electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago.
‘The greatest privilege of my professional life’
“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,” said Maestri. “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. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment and values that are so important to this role.”
For Apple users and investors alike, Apple noted, the transition signals a continuation of the company’s strong financial management. Parekh’s deep understanding of Apple’s operations and his experience in financial planning suggest that the company will maintain its focus on strategic investments and financial discipline, the company said.
Apple CEO Tim Cook expressed confidence in both Maestri and Parekh, emphasizing the company’s commitment to maintaining its financial strength.