Apple Inc., the tech giant known for its innovation and value, is facing a major leadership change.
Long-serving CFO Luca Maestri is stepping down, ending nearly a decade of financial leadership. Maestri’s departure marks a key moment as Apple transitions to new financial leadership while continuing its global dominance.
Luca Maestri’s Impact on Apple
Luca Maestri joined Apple in 2013 as Vice President of Finance and became CFO in 2014. He played a key role in shaping Apple’s financial strategy, managing cash reserves, and keeping the company profitable. Under his leadership, Apple’s finances became more efficient, and the company successfully shifted to services and subscriptions as major revenue sources.
Maestri was also important in Apple’s capital return program, returning billions to shareholders through dividends and stock buybacks. His careful management helped Apple reach a $2 trillion market value. In 2023, Maestri was one of the top 10 highest-paid CFOs, earning $26.9 million, mainly from stock awards.
The Announcement and Transition
Apple announced that Luca Maestri would be stepping down from his role as CFO. This change comes as a surprise to many, given Maestri’s successful track record at the company. While the reasons for his departure have not been fully disclosed, such leadership changes are often part of broader strategic shifts within a company.
Apple has announced that Kevan Parekh, currently the Vice President of Financial Planning and Analysis, will step up as the new Chief Financial Officer, joining the executive team. Apple CEO Tim Cook praised Luca Maestri, the outgoing CFO, for his important role in boosting Apple’s financial performance.
“Luca has been an incredible partner in guiding Apple’s long-term success. He has played a key role in improving our financial performance, engaging with shareholders, and ensuring financial discipline throughout the company. We’re lucky to continue benefiting from his leadership and insight,” Cook said.
Cook also highlighted Parekh’s importance to Apple, describing him as an “indispensable” member of the finance team over the past decade. He noted that Parekh “understands the company inside and out.”
Luca Maestri has served as Apple’s CFO since May 2014, leading the company’s financial strategy for over a decade. Although Maestri hasn’t revealed why he’s stepping down, he expressed excitement about his future at Apple.
“It has been the greatest honor of my career to work at the world’s most innovative company, alongside a leader like Tim Cook. I’m excited for the next chapter at Apple and fully trust Kevan as he steps into the CFO role. He’s truly exceptional, dedicated to Apple and its mission, and embodies the qualities needed for this position,” Maestri said.
Kevan Parekh, who has been with Apple for 11 years, currently leads financial planning, investor relations, market research, and finance teams. Before Apple, he worked at Thomson Reuters and General Motors. He will take over Maestri’s duties on January 1, 2025.
A Legacy of Financial Excellence
Luca Maestri leaves behind a legacy of financial excellence at Apple. His contributions have been instrumental in making Apple the financial powerhouse it is today. Moreover, as the company moves forward, it will build on the strong foundation Maestri helped create, continuing to innovate and lead in the technology industry.
Apple’s ability to smoothly transition to a new CFO will be important in maintaining its leadership position in the global market. As the tech giant enters this new chapter, it remains committed to delivering groundbreaking products and services, ensuring that it continues to thrive in a rapidly evolving industry.
FAQs
What has Luca Maestri done for Apple?
Luca Maestri helped keep Apple financially strong by managing expenses, guiding the company through big changes, and maintaining steady growth. He also played a key role in Apple’s strategy to focus more on services and shareholder returns.
Who is the new CFO of Apple?
Kevan Parekh will be Apple’s new CFO. After 11 years at Apple, managing finance, investor relations, and market research, he brings deep company knowledge. Before Apple, he held senior roles at Thomson Reuters and General Motors.
How long has Luca Maestri been CFO of Apple?
Luca Maestri has been Apple’s CFO since May 2014. Moreover, he played a key role in managing finances, leading major initiatives like the capital return program, and keeping the company profitable. His leadership also helped Apple stay strong through market changes and remain a tech industry leader.
How long has Luca Maestri been Apple’s CFO?
Before Luca Maestri, Peter Oppenheimer was Apple’s CFO from 2004 to 2014. Furthermore, he shaped Apple’s financial strategy during the launch of the iPhone and iPad, building a strong foundation that Maestri further strengthened.