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Luca Maestri addresses recent graduates during a visit to Apple and Cisco Academy by Board President Giuseppe Conte.
Marco Cantil | Light Rocket | Getty Images
apple announced on monday Chief Financial Officer Luca Maestri is expected to be replaced by current Apple insider Kevan Parekh on January 1.
Apple said Maestri will continue to lead teams focused on IT, security and real estate development.
Parekh, the incoming chief financial officer, was a senior lieutenant at Maestri and served as the company’s vice president of financial planning and analysis.
“Kevin has been an integral member of Apple’s financial leadership team for more than a decade, and he knows the company inside and out. His sharp intellect, sound judgment, and financial brilliance make him the next CEO of Apple. Perfect candidate for CFO.
Maestri was named Apple’s financial officer in 2014, just as the company’s stock price began to soar, in part due to strong demand for iPhones. Apple’s stock price has risen more than 800% since Maestri became chief financial officer.
During his tenure as chief financial officer, Apple more than doubled its annual sales and net profits and expanded its gross margins. In 2014, Apple’s annual sales were approximately $183 billion. Last year, Apple reported revenue of $383 billion.
Maestri oversees Apple’s record-breaking capital return program and appears on quarterly earnings calls with Cook.
Maestri, 60, started his career at General Motors and spent 20 years with the automaker, helping to build its business in the Asia-Pacific region. He subsequently served as chief financial officer of Nokia Siemens and Xerox before joining Apple in 2013 as corporate finance director.
Parekh joined Apple in 2013 after four years at Thomson Reuters, where he worked in finance and product marketing. Like Maestri, he has previously worked at General Motors, including in overseas operations.
Apple isn’t the only Silicon Valley giant undergoing financial restructuring. At Alphabet, Ruth Porat announced in July 2023 that she would step down as chief financial officer and become president and chief investment officer. In June, the company finally announced a successor, bringing in Eli Lilly finance chief Anat Ashkenazi. A year before Porat’s move became public, Meta appointed Susan Li as chief financial officer, replacing David Wehner, who was about to become chief strategy officer.