Apple will replace CFO Luca Maestri starting January 1
Apple announced on Monday that it will replace Chief Financial Officer Luca Maestri with Kevan Parekh, effective January 1. Parekh, currently Apple’s Vice President of Financial Planning and Analysis, has been a key member of Maestri’s team.
Maestri will continue to oversee IT, security, and real estate development after his departure as CFO.
Apple CEO Tim Cook praised Parekh’s extensive knowledge of the company and his exceptional financial acumen, calling him the ideal successor. “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team,” Cook said.
Maestri, who became CFO in 2014, has overseen a dramatic increase in Apple’s stock, which has risen over 800% under his watch. During his tenure, Apple more than doubled its annual sales and net income, with revenue growing from $183 billion in 2014 to $383 billion last year. He also managed Apple’s record-breaking capital return program and frequently appeared on earnings calls with Cook.
Maestri’s career began at General Motors and included roles at Nokia Siemens and Xerox before joining Apple as corporate controller in 2013 and advancing to CFO the following year.
Parekh, who joined Apple in 2013 after working at Thomson Reuters and GM, will now take the helm of Apple’s finance department.
The move follows other significant changes in tech finance leadership, including Ruth Porat’s transition from Alphabet CFO to president and chief investment officer, and Susan Li’s appointment as CFO at Meta.
About The Author
