Apple today announced that its current Chief Financial Officer, Luca Maestri, will transition from his role on January 1, 2025. During his tenure as CFO, Apple"s overall revenue doubled, while its services revenue grew more than five times.
Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will be its next Chief Financial Officer, joining the executive team. Parekh has been at the company for 11 years now, and prior to this role, he led Worldwide Sales, Retail, and Marketing Finance.
Luca is not leaving the company; instead, he will lead the Corporate Services teams, including information systems and technology, information security, and real estate and development. Luca will continue to report to Apple CEO Tim Cook.
Tim Cook, Apple’s CEO, said the following on Luca"s transition:
“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. 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.
Tim Cook said the following on the upcoming CFO, Kevan Parekh:
“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. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Outgoing CFO Luca Maestri said the following on his transition:
“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. 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.”
Apple"s financial leadership is set for a smooth transition. While Maestri"s contributions will be missed in the finance department, Parekh"s expertise promises continued success for the company.