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Luca Maestri has served as Apple’s CFO for over a decade, however he is stepping down and being changed by Kevan Parekh, Apple’s present VP of Monetary Planning and Evaluation.
Kevan Parekh has spent 11 years at Apple and leads Monetary Planning and Evaluation, G&A and Advantages Finance, Investor Relations, and Market Analysis. He was beforehand in control of Worldwide Gross sales, Retail, and Advertising finance and bought his begin in advertising and marketing.
Apple shared that Parekh will take over as CFO on January 1, 2025, as Luca Maestri transitions from the position. Maestri will stay concerned in Apple as lead of the Company Providers groups and report on to CEO Tim Cook dinner.
“Luca has been a rare companion in managing Apple for the long run. He has been instrumental in enhancing and driving the corporate’s monetary efficiency, participating with shareholders, and instilling monetary self-discipline throughout each a part of Apple. We’re lucky that we’ll proceed to profit from the management and perception which were the hallmark of his tenure on the firm,” Cook dinner shared in a press release. “For greater than a decade, Kevan has been an indispensable member of Apple’s finance management workforce, and he understands the corporate inside and outside. His sharp mind, clever judgment, and monetary brilliance make him the right option to be Apple’s subsequent CFO.”
Luca Maestri and Tim Cook dinner have been heard celebrating quarter after quarter of success over the previous decade on earnings calls. His management has little doubt performed a component in doubling Apple’s income and rising providers by 5 occasions throughout his tenure.
“It’s the best privilege of my skilled life to serve the world’s most progressive and admired firm, and to work aspect by aspect with a pacesetter as inspirational as Tim Cook dinner,” mentioned Maestri. “I am wanting ahead to the subsequent stage of my time at Apple, and I’ve huge confidence in Kevan as he prepares to take the reins as CFO. He’s really distinctive, has a deep love for Apple and its mission, and he embodies the management, judgment, and values which might be so vital to this position.”
For the reason that transition will not happen till January 2025, there can be a minimum of yet another earnings name with Maestri after the announcement of the iPhone 16. The earnings name will seemingly happen in early November.
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