Luca Maestri, a long-time Apple executive, will step down as CFO at the end of 2024. Kevan Parekh will be his successor
In a more than surprising move, Apple announces changes in its management team in the financial area. Luca Maestri, Apple’s current CFO, will step down on January 1, 2025. While Kevan Parekh, Apple’s VP of financial planning and analysis, will become the new CFO of the Cupertino companyMaestri will not be leaving the company as he will become leader of the company’s corporate services teams, including information systems and technology, information security, real estate and development, continuing to report to Apple CEO Tim Cook.
An Apple veteran will leave the financial management of Apple, which is experiencing its best times
Do you remember every time Apple announces new financial results? Luca Maestri has been in charge of providing them since 2014. He has been in the golden age of Apple as it has been the most profitable of all time.
Tim Cook stated the following:
During his time as CFO, Maestri enabled essential investments and practiced strong financial discipline, which together helped the company more than double its revenue, while growing services revenue more than fivefold. Luca has been an extraordinary partner in Apple’s long-term management. He has been instrumental in improving and driving the company’s financial performance(…).
Tim Cook and Luca Maestri on a visit to Florence, Italy
In turn, Luca Maestri said that he had experienced the greatest privilege of his professional life by working in one of the most innovative companies in the world and working “side by side” with an inspiring leader like Tim. He also said he has full confidence in his successor, Kevan Parekh, who will be preparing to take the reins of financial management.
Who is Apple’s next CFO?
Kevan Parekh currently holds the position of Financial Planning and Analysisin addition to focusing on different areas of general finance, investor relations and market research. His journey at Apple began as a financial support leader on Apple’s product marketing, online sales and services, and engineering teams..
Previously, he held senior management positions at General Motors and Thomson Reuters. He graduated with a degree in electrical engineering, although he also holds a Bachelor of Science from the University of Michigan and an MBA from the University of Chicago.
It can be seen at a glance that since his arrival at Apple he has been working in finance.which could support his new appointment as an Apple insider in the financial sector. There is no doubt that the change that Apple has made is surprising.Maestri’s tenure in another role could build confidence in how well the new CFO fits into the role.
What caught the attention of this movement was on social networks given that Mark Gurman recalled that at the beginning of the year, one of Apple’s greatest veterans in terms of Luca Maestri’s adjuncts; Saori Casey left Apple to become the new CFO of Sonos. Perhaps the decision that Apple is announcing today was made several months ago with a view to 2024.
We will see at the beginning of 2025 what the new style of communicating financial results is and if there is any relevant change in the opinion of investors, shareholders and analysts.