Apple’s Chief Financial Officer Luca Maestri will step down from the job at the end of the year after more than a decade, and will hand over the role to top deputy Kevan Parekh. In what Apple described as a “planned succession”, Parekh will become CFO on Jan. 1. Maestri, who has been CFO since 2014, will remain at Apple in a reduced position, continuing to oversee information technology and real estate functions.
Maestri has been credited with transforming the company into a service provider, a move that is attributed for much of its revenue growth.
With over 11 years at Apple, Parekh is an internal hire for the CFO post at the tech giant. He has long been deputy to 60-year-old Maestri and was responsible for overseeing Apple's finances in the post-Steve Jobs era.
Parekh will report to Apple CEO Tim Cook.
“Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO," Cook said in a statement from the company.
Parekh at present is in charge of Apple's overseas financial planning, investor relations and market research functions. He took on additional functions in 2023 when Maestri's other deputy Saori Casey moved to Sonos Inc.
Parekh has been "groomed" for the role by Maestri over the past "several months", a Bloomberg report said, adding that Apple has been planning to name the Indian American executive as next CFO since May 2024.
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