Apple CFO Luca Maestri to Step Down After More Than a Decade

Apple CFO Maestri resigns at the end of the year, ending a remarkable tenure that began in 2014. The transition, described by Apple as ‘planned,’ will see Maestri’s top deputy, Kevan Parekh, take over the role on January 1. Maestri will continue with the company in a reduced capacity, focusing on information technology and real estate functions.

Kevan Parekh Appointed as New CFO

Kevan Parekh, 52, will assume the CFO role, bringing extensive knowledge of Apple’s financial landscape. Parekh has been integral to Apple’s finance leadership team. He is expected to maintain the company’s financial strategies effectively. Apple’s CEO, Tim Cook, lauded Parekh’s sharp intellect and financial skills. Cook considers Parekh the perfect fit for the CFO position.

Kevan Parekh’s deep Apple expertise and praised intellect make him an ideal CFO for maintaining financial strategies, according to wall street journal login.

Maestri’s Legacy and Role in Apple’s Growth

Luca Maestri, now 60, significantly guided Apple’s finances through the post-Steve Jobs era. His leadership emphasized the services segment, boosting revenue growth. Maestri will now oversee IT and real estate functions. He will continue reporting to Tim Cook. His role ensures support for Apple’s strategic initiatives and operations.

Preparation and Confidence in the New CFO

Maestri has been preparing Parekh for the CFO role for several months. Bloomberg News reported in May on Parekh’s imminent appointment. Maestri has shown “enormous confidence” in Parekh’s abilities. This transition is part of a planned succession strategy for continuity and stability. The preparation and confidence reflect Apple’s commitment to strong financial oversight.

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Recent Trends in Executive Transitions at Apple

Maestri’s reduced role aligns with a trend at Apple where departing executives stay with the company in different capacities. For example, Phil Schiller, ex-marketing chief, now oversees the App Store. Similarly, Dan Riccio, former hardware head, continues developing the Vision Pro headset. This strategy helps Apple retain expertise and ensure continuity in key projects.

A Look Ahead for Apple’s Financial Leadership

This marks the second Apple CFO Maestri Resigns transition during Tim Cook’s tenure as CEO, following Peter Oppenheimer’s departure in 2014. Cook expressed optimism about the future, noting that the company continues to benefit from Luca Maestri’s leadership and insight. He emphasized Apple’s fortunate position to maintain strong financial guidance as it transitions to new leadership under Chief Financial Officer, Parag Parekh. Cook highlighted the seamless continuity in the company’s financial strategy and the ongoing commitment to sustaining its robust performance and strategic growth.

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