Apple has recently announced a significant shift in its leadership team: Luca Maestri, the long-serving Chief Financial Officer, will step down from his position on January 1, 2025. This marks the first time in a decade that Apple is shuffling its CFO role, signaling a notable transition within the company’s executive ranks.
Maestri’s tenure as CFO, which began in 2014, has been marked by remarkable financial achievements for Apple. Under his financial stewardship, Apple experienced its most profitable decade ever, with net income more than doubling. Additionally, Apple’s stock price has increased ninefold since Maestri took over, reflecting the company’s solid growth. While the success of Apple cannot be attributed solely to the CFO, Maestri’s financial strategies have adeptly supported the surge in iPhone popularity and the company’s significant shift towards its services sector, which now generates five times more revenue than it did at the start of his tenure.
Kevan Parekh, Maestri’s successor, may not be a household name yet, but he’s no stranger to Apple. Joining the company in 2013, Parekh currently serves as the Vice President of Financial Planning and Analysis and has previously led worldwide sales, retail, and marketing finance. His extensive experience within the company prepares him well for this transition to CFO.
Apple’s announcement also notes that Maestri will not be leaving the company entirely. After stepping down, he will continue in a reduced role, overseeing Corporate Services, including information systems and technology, information security, and real estate and development, directly reporting to CEO Tim Cook. This move might be designed to reassure shareholders, who often react cautiously to leadership changes, especially when an executive with a proven track record like Maestri steps down.
While the CFO role is not directly involved in product design or development, this change is still significant given Apple’s typically stable leadership team. It will be interesting to see how Parekh steps into his new role and whether there will be any noticeable shifts in Apple’s financial strategy moving forward. For Apple users and investors, the transition is worth watching, even if day-to-day operations remain unaffected.