Apple’s Luca Maestri To Step Down As CFO After A Decade But Who Is Replacing Him? Here’s What We Know

Apple announced on Monday, August 26 that it will appoint Kevan Parekh as its new Chief Financial Officer, effective January 1, replacing the current CFO Luca Maestri. Maestri, who has served as CFO since 2014, will remain with Apple, leading teams focused on IT, security, and real estate development.

Parekh, who has been a key figure in Apple’s finance division as the Vice President of Financial Planning and Analysis, will step into the CFO role. Apple CEO Tim Cook praised Parekh in a statement, highlighting his deep understanding of the company, his intellectual sharpness, and his financial expertise, which make him well-suited for the position.

Maestri’s tenure as CFO coincided with a significant rise in Apple’s stock value, which surged over 800% since he took the role. Under his financial leadership, Apple more than doubled its annual sales and net income while also expanding its gross margins.

When Maestri became CFO in 2014, Apple’s annual revenue was around $183 billion; last year, it reached $383 billion. He also managed Apple’s record-breaking capital return program and was a familiar presence on quarterly earnings calls alongside CEO Tim Cook.

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Before joining Apple as corporate controller in 2013 and becoming CFO the following year, Maestri, 60, had an extensive career that began at General Motors, where he spent two decades, including helping to establish the automaker’s operations in the Asia Pacific region. He later served as CFO at Nokia Siemens and Xerox.

Parekh, who joined Apple in 2013 in roles related to finance and product marketing, also has experience at General Motors, where he worked in overseas operations, and at Thomson Reuters.

Apple’s leadership change mirrors similar moves in Silicon Valley. For example, Alphabet’s Ruth Porat stepped down as CFO in July 2023 to become president and chief investment officer, with Anat Ashkenazi, formerly of Eli Lilly, named as her replacement. A year earlier, Meta appointed Susan Li as CFO, succeeding David Wehner, who moved to the role of chief strategy officer.

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