August 26, 2024
PRESS RELEASE
Apple Announces CFO Transition
CUPERTINO, CALIFORNIA Apple today announced that Chief Financial Officer Luca Maestri will step down from his role effective January 1, 2025. Maestri will continue to lead the company’s enterprise services teams, including Information Systems and Technology, Information Security, Real Estate, and Development, reporting to Apple CEO Tim Cook. As part of a planned succession, Kevan Parekh, Apple’s vice president of Financial Planning and Analysis, will become CFO and join the executive leadership team.
“Luca has been an extraordinary partner in managing Apple over the long term. He has been instrumental in improving and driving the company’s financial performance, engaging shareholders, and instilling financial discipline across all areas of Apple. We are fortunate to continue to benefit from the leadership and insight that have characterized his tenure at the company,” said Tim Cook, Apple’s CEO.
“For more than a decade, Kevan has been an indispensable member of Apple’s financial leadership team and has a deep understanding of the company. His keen intellect, sound judgment and financial acumen make him the ideal candidate to become Apple’s next CFO.”
During his tenure as CFO, Maestri enabled critical investments and practiced strong financial discipline, which allowed the company to more than double its revenue, with service revenue increasing more than five-fold.
“It’s the greatest privilege of my professional life to serve the world’s most innovative and admired company and to work alongside such an inspiring leader as Tim Cook,” said Maestri. “I look forward to the next step in my journey at Apple and have absolute confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and embodies the leadership, judgment, and values that are so important to this role.”
Parekh has been with Apple for 11 years and currently leads Financial Planning and Analysis, General and Administrative Finance and Benefits, Investor Relations, and Market Research. Prior to this role, Parekh was responsible for Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading financial support for Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.
Prior to joining Apple, Parekh held various leadership positions at Thomson Reuters and General Motors, where he also gained extensive international experience. Parekh is an electrical engineer with a Bachelor of Science degree from the University of Michigan and an MBA from the University of Chicago.
About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
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