Apple has announced that Luca Maestri, the Chief Financial Officer (CFO), will step down from his position, effective January 1, 2025. He will continue to oversee Apple’s Corporate Services, which includes IT, IT security, and real estate development, responsibilities he already held. The position will still report to CEO Tim Cook as before.
Kevan Parekh, Apple’s Deputy Controller for Financial Planning and Analysis, will take on the role of the new CFO.
Maestri has been Apple’s CFO since 2014. During his tenure, Apple’s stock price has increased by over 800%, with the company’s revenue and profits nearly doubling.
As for Parekh, the new CFO of Apple, he holds a degree in Electrical Engineering from the University of Michigan, an MBA from the University of Chicago, and has held management positions at Thomson Reuters and General Motors. He joined Apple in 2013 and has worked in various roles such as investor relations, market research, global sales management, marketing finance, product financing, online sales, and engineering.
Of note, Apple is one of the largest technology companies to recently change its CFO position. Previously, Alphabet, Google’s parent company, also appointed a new CFO, with Ruth Porat transitioning to oversee the company’s investments. Last year, Meta also named Susan Li as its new CFO.
Source: CNBC
TLDR: Apple’s CFO Luca Maestri will leave his position in 2025, with Kevan Parekh set to replace him. Maestri has seen significant stock price growth during his tenure, while Parekh brings a diverse background in engineering and finance to his new role. The tech industry continues to see shifts in top financial leadership positions.
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