Apple Announces Transition of Chief Financial Officer: Luca Maestri to Step Down, Kevan Parekh Named Successor
August 26, 2024
Press Release
CUPERTINO, CALIFORNIA
Apple, a leading name in the technology industry, has announced a significant change in its executive team. Luca Maestri, the current Chief Financial Officer (CFO), will transition from his role starting January 1, 2025. However, Maestri will continue to lead the Corporate Services teams, which include information systems and technology, information security, and real estate and development. He will still report directly to Tim Cook, the CEO of Apple. As a part of the company’s succession plan, Kevan Parekh, who currently holds the position of Vice President of Financial Planning and Analysis, will step into the role of CFO and join Apple’s executive team.
Tim Cook’s Remarks on the Transition
Tim Cook, CEO of Apple, expressed his appreciation for Luca Maestri’s contributions to the company. "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," Cook said.
Achievements Under Maestri’s Leadership
During his time as CFO, Luca Maestri has been pivotal in enabling essential investments and practicing robust financial discipline. These efforts have helped Apple more than double its revenue, with services revenue growing more than five times. Maestri’s financial acumen and strategic investments have played a crucial role in Apple’s sustained growth and success.
Kevan Parekh: The New CFO
Kevan Parekh, who has been with Apple for over 11 years, will be taking over as the new CFO. Parekh has extensive experience within Apple, currently leading Financial Planning and Analysis, General and Administrative (G&A) and Benefits Finance, Investor Relations, and Market Research. Prior to this, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure at Apple by supporting the financial needs of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.
Before his time at Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he gained extensive global experience. Parekh holds a Bachelor’s of Science degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.
Luca Maestri’s Statement
In his statement, Maestri expressed his honor and privilege to have served Apple. "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," said Maestri.
Apple’s Legacy and Future
Apple has a rich history of innovation and leadership in the technology sector. The company revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple is a global leader in innovation, with products like the iPhone, iPad, Mac, AirPods, Apple Watch, and the recently introduced Apple Vision Pro. Apple’s six software platforms—iOS, iPadOS, macOS, watchOS, visionOS, and tvOS—provide seamless experiences across all Apple devices, empowering users with breakthrough services such as the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+.
With over 150,000 employees dedicated to creating the best products on earth and leaving the world better than they found it, Apple continues to push the boundaries of technology and innovation.
Industry Reactions and Insights
The transition in Apple’s financial leadership is a significant event in the tech industry. Analysts and experts have praised Apple’s decision to promote from within, highlighting the company’s strong internal talent pipeline. Kevan Parekh’s extensive experience and deep understanding of Apple’s operations are seen as major assets that will help ensure a smooth transition and continued financial stability for the company.
Financial analysts also note that the leadership change comes at a time when Apple is navigating a complex global market, with challenges and opportunities in areas like augmented reality, artificial intelligence, and services growth. Parekh’s background in financial planning and analysis, along with his experience in leading diverse financial functions, positions him well to steer Apple through these evolving landscapes.
Good to Know: The Role of a CFO
For those unfamiliar, the role of a Chief Financial Officer is crucial in any organization. The CFO is responsible for managing the financial actions of a company. This includes tracking cash flow, financial planning, analyzing the company’s financial strengths and weaknesses, and proposing corrective actions. The CFO’s role is integral to ensuring that the company remains financially healthy and is able to meet its strategic goals.
Conclusion
Apple’s announcement of Luca Maestri’s transition and Kevan Parekh’s appointment as the new CFO marks a significant moment in the company’s history. As Apple continues to innovate and expand its product and service offerings, the leadership of its financial team will play a crucial role in sustaining its growth and success. With Maestri’s continued involvement and Parekh’s new leadership, Apple is well-positioned to navigate the future and maintain its standing as a leader in the technology industry.
For further information, you can reach out to Apple’s Press Contact, Josh Rosenstock, at jrosenstock@apple.com or call (408) 862-1142. For investor-related queries, contact Suhasini Chandramouli at suhasini@apple.com or call (408) 974-3123.
Apple Inc. remains committed to innovation, excellence, and making a positive impact on the world. The company’s leadership transitions reflect its dedication to maintaining robust financial health and driving future growth.
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