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During his time as CFO, Maestri helped the iPhone maker more than double its revenue – with services revenue growing more than fivefold.
Apple has announced that its chief financial officer Luca Maestri will be stepping down from his role in January next year, and Kevan Parekh will take over.
Parekh is currently vice-president of financial planning and analysis at Apple, where he has worked for more than a decade. Prior to this role, Parekh led worldwide sales, retail and marketing finance at the company. He has also previously led financial support for Apple’s product marketing, internet sales and services, and engineering teams.
An electrical engineer by background, Parekh has a bachelor’s degree from the University of Michigan and an MBA from the University of Chicago. He held various senior leadership roles at Thomson Reuters and General Motors before joining Apple.
“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” said CEO Tim Cook. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
In the announcement yesterday (26 August), Apple said that Maestri will continue to lead the corporate services teams, including information systems and technology, information security, and real estate and development, reporting to Cook.
“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,” Cook said. “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.”
Apple said that during his time as CFO, Maestri practiced “robust” financial discipline and helped the iPhone maker more than double its revenue – with services revenue growing more than fivefold.
“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,” said Maestri.
“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.”
Apple reported revenue of nearly $85.8bn in its third fiscal quarter of 2024 ending 29 June, beating analysts’ predictions by more than $1bn. The company also saw its net income increase to more than $21.4bn compared to roughly $19.9bn in the same period last year.
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