Apple has announced a major change for its executive team. The company’s current CFO (Chief Financial Officer), Luca Maestri, will transition out of his role after the end of 2024.
Executive team changing with new CFO
Here is the announcement from Apple Newsroom:
Apple today announced that Chief Financial Officer Luca Maestri will transition from his role on January 1, 2025. Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. As part of a planned succession, Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will become Chief Financial Officer and join the executive team.
Luca Maestri has been a fixture in Apple’s CFO role for the past decade, starting the role in 2014.
He has overseen a period of tremendous growth and success for Apple. In fact, during his tenure Apple has had its most profitable decade of all time.
His upcoming transition makes way for a new CFO to enter the role.
Kevan Parekh, the new CFO, has been working under Maestri’s leadership as part of the financial team. Apple notes his experience at the company to this point:
Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.
Maestri continuing at Apple, for now
Maestri will stay on at Apple for the time being. However, it won’t be surprising if, some time after the new CFO settles into his role, Maestri moves on entirely from the company.
It’s not often that Apple’s executive team changes, so the news of a CFO transition is significant. However, Maestri’s continued involvement with the company is undoubtedly a strategic move aiming to assure investors and analysts.
For a company like Apple, the more it can do to provide a sense of consistency in its leadership, the better received transitions like this will be.
Interestingly, earlier this year one of Maestri’s top deputies, Saori Casey, left Apple to become Sonos’ CFO. Perhaps the decision around the next CFO was made all the way back at the start of the year, and Casey left after learning about it.
In any case, we’ll have to wait until early 2025 to learn how Parekh’s leadership style and earnings reports differ from his predecessor.
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