Luca Maestri, Apple’s chief monetary officer (CFO) since 2014, will transition to go of Company Providers on January 1, 2025, the iPhone large mentioned Monday. Kevan Parekh, Apple’s vp of Monetary Planning and Evaluation, will assume the position of CFO.
“Luca has been a unprecedented companion in managing Apple for the long run. He has been instrumental in bettering and driving the corporate’s monetary efficiency, participating with shareholders, and instilling monetary self-discipline throughout each a part of Apple,” mentioned Apple CEO Tim Cook dinner. “We’re lucky that we’ll proceed to learn from the management and perception which have been the hallmark of his tenure on the firm.”
Apple plans for brand new CFO Kevan Parekh to interchange Luca Maestri as of January 1, 2025
The huge personnel shift in monetary providers comes as Apple continues to cement its place as one of many world’s most precious firms. It’s at the moment on a roll within the high spot, with a market cap over $3.4 trillion. And the brand new job shift turns into official on the primary day of the brand new yr, which can be the primary day of Apple’s fiscal-year second quarter (its first quarter is at all times the sometimes high-grossing vacation season). All of us accustomed to listening in on Apple’s quarterly earnings calls could have a brand new voice to get accustomed to, alongside Cook dinner’s, amid all of the monetary lingo they throw round.
Throughout Maestri’s tenure as CFO, Apple has seen outstanding monetary progress. The corporate greater than doubled its income, with providers income experiencing a powerful five-fold improve, the corporate mentioned. This progress has been notably vital for Apple customers, because it has enabled the corporate to take a position closely in analysis and growth, resulting in modern services and products which have enhanced the Apple ecosystem. Maestri, by the best way, was as soon as named the “most-admired CFO on the earth.”
Deliberate succession technique
Maestri’s transition is a part of a fastidiously deliberate succession technique. He’ll proceed to guide Apple’s Company Providers groups, together with info techniques and know-how, info safety, and actual property and growth. This transfer ensures that Apple will proceed to learn from Maestri’s experience in crucial areas of the corporate’s operations, Cook dinner mentioned.
Taking on the CFO place might be Parekh, at the moment Apple’s Vice President of Monetary Planning and Evaluation. Parekh, an 11-year veteran of the corporate, brings loads of expertise to the position. His background consists of management in varied monetary facets of Apple’s enterprise, together with Worldwide Gross sales, Retail and Advertising and marketing Finance.
“For greater than a decade, Kevan has been an indispensable member of Apple’s finance management group, and he understands the corporate inside and outside,” mentioned Cook dinner. “His sharp mind, clever judgment, and monetary brilliance make him the proper option to be Apple’s subsequent CFO.”
Earlier than becoming a member of Apple, Parekh held senior management roles at Thomson Reuters and Basic Motors. He’s {an electrical} engineer with a Bachelor’s of Science from the College of Michigan and an MBA from the College of Chicago.
‘The best privilege of my skilled life’
“It’s the best privilege of my skilled life to serve the world’s most modern and admired firm, and to work facet by facet with a frontrunner as inspirational as Tim Cook dinner,” mentioned Maestri. “I’m trying ahead to the following stage of my time at Apple, and I’ve monumental confidence in Kevan as he prepares to take the reins as CFO. He’s actually distinctive, has a deep love for Apple and its mission, and he embodies the management, judgment and values which can be so necessary to this position.”
For Apple customers and traders alike, Apple famous, the transition indicators a continuation of the corporate’s sturdy monetary administration. Parekh’s deep understanding of Apple’s operations and his expertise in monetary planning recommend that the corporate will keep its deal with strategic investments and monetary self-discipline, the corporate mentioned.
Apple CEO Tim Cook dinner expressed confidence in each Maestri and Parekh, emphasizing the corporate’s dedication to sustaining its monetary power.