Apple has announced a significant leadership transition set for January 1st, appointing Kevan Parekh as the new Chief Financial Officer, succeeding Luca Maestri. Maestri, who has significantly contributed to Apple’s financial success since 2014, will shift his focus within the company to lead efforts in IT, security, and real estate development.
Kevan Parekh, previously Apple's vice president of financial planning and analysis and a key figure in the finance department under Maestri, will take over the CFO role. Tim Cook, Apple’s CEO, praised Parekh's deep understanding of the company and his financial acumen, stating that Parekh’s extensive experience and leadership qualities make him an excellent choice for the position.
Under Maestri’s stewardship, Apple saw a dramatic increase in its financial metrics, with annual sales jumping from about $183 billion in 2014 to $383 billion last year. His tenure also saw Apple’s stock rise by over 800%, reflecting robust demand for its products, particularly the iPhone. Additionally, Maestri played a pivotal role in overseeing Apple’s capital return program and was a regular presence on quarterly earnings calls.
Before his time at Apple, Maestri had a long career at General Motors and held CFO positions at Nokia Siemens and Xerox. Parekh, who joined Apple the same year as Maestri, also has a background at General Motors and spent four years at Thomson Reuters before his tenure at Apple.
This CFO transition at Apple occurs amidst broader changes in executive roles across major Silicon Valley firms, with similar shifts recently announced at Alphabet and Meta.
