Apple CFO Luca Maestri will be stepping down from his role on Jan. 1, with current Apple insider Kevan Parekh set to take his place. Maestri, who has been with Apple since 2013 and became CFO in 2014, will continue to lead teams focusing on IT, security, and real estate development within the company. Parekh, who has been a key member of Apple's finance leadership team, will be stepping into the CFO position with the support of Apple CEO Tim Cook.
During Maestri's tenure as CFO, Apple has seen significant growth, with annual sales and net income more than doubling and the company's gross margin expanding. Maestri played a key role in overseeing Apple's record-breaking capital return program and appeared alongside Cook on quarterly earnings calls. Apple's stock has also seen significant growth, increasing by more than 800% since Maestri became CFO.
Parekh, who joined Apple in 2013 after working at Thomson Reuters, has a background in finance and product marketing, similar to Maestri. The transition in leadership comes as Apple continues to experience success and growth in the tech industry.
This change in Apple's finance leadership is part of a larger trend in Silicon Valley, with other tech giants like Alphabet and Meta also experiencing shake-ups in their finance departments. The move reflects the dynamic nature of the tech industry and the importance of strong financial leadership in navigating rapid growth and change. As Parekh steps into his new role as CFO, Apple will be looking to continue its success and growth in the coming years.