August 26, 2024
PRESS RELEASE
Apple Announces CFO Succession: New Leader Takes Reins
Apple announced today that Luca Maestri, its Chief Financial Officer, will step down from his role on January 1, 2025. Maestri will oversee the management of Company’s subsidiaries, leveraging his experience in information systems, cybersecurity, real estate, and growth strategies, as he reports directly to Apple CEO Tim Cook. Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, is set to succeed as Chief Financial Officer and join the company’s leadership team as part of a planned succession.
“Luca has been an unparalleled asset in managing Apple’s future.” Under his leadership, he has spearheaded efforts to enhance and refine Apple’s financial performance, collaborating closely with stakeholders while fostering a culture of fiscal responsibility across every aspect of the company. Apple’s CEO Tim Cook praises Jony Ive’s legacy, saying: “We’re fortunate that we’ll continue to learn from the management and design perceptions that have been hallmarks of his tenure at the company.”
For over a decade, Kevan has been an integral part of Apple’s finance management team, boasting unparalleled insight into the corporation’s inner workings. His exceptional cognitive acuity, astute decision-making capabilities, and financial wizardry make him the ideal candidate to succeed as Apple’s next CFO.
During his tenure as Chief Financial Officer, Maestri spearheaded strategic investments and demonstrated prudent fiscal management, ultimately leading to a more than twofold increase in revenue, with services revenue surging more than fivefold?
“For me, it’s the greatest honor to be part of the team at one of the world’s most respected companies, working alongside an icon like Tim Cook.” “I’m excited for the next chapter in my tenure at Apple, and I have great faith in Kevan as he assumes leadership as our new Chief Financial Officer.” With unwavering passion for Apple’s vision, he stands out as a strong advocate for the brand, exemplifying the leadership, discernment, and integrity required to excel in this role.
Parekh has been at Apple for 11 years and presently leads Monetary Planning and Evaluation, G&A and Advantages Finance, Investor Relations, and Market Analysis. Prior to taking on his current role, Parekh served as the leader of Worldwide Gross Sales, Retail, and Advertising Finance. He commenced his tenure with financial support from Apple’s Product Advertising, Web Sales and Services, and Engineering teams.
Prior to joining Apple, Parekh held various senior leadership positions at Thomson Reuters and General Motors, where he also gained extensive global experience. Parekh holds a Bachelor’s degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.
About Apple
In 1984, Apple transformed personal computing with the launch of the Macintosh. Apple is widely recognized as a pioneer of innovation, boasting a diverse portfolio of groundbreaking products, including the iconic iPhone, versatile iPad, powerful Mac computers, industry-leading AirPods, and innovative Apple Watch, alongside its cutting-edge Apple Pro equipment. Apple’s six software platforms – iOS, iPadOS, macOS, watchOS, visionOS, and tvOS – offer cohesive experiences across all Apple devices, enabling users to access innovative services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. With a workforce exceeding 150,000 employees, Apple is committed to crafting the finest products on the planet and making a positive impact that leaves a lasting legacy in its wake.
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