Luca Maestri, Apple’s chief monetary officer (CFO) since 2014, will transition to go of Company Companies on January 1, 2025, the iPhone big mentioned Monday. Kevan Parekh, Apple’s vp of Monetary Planning and Evaluation, will assume the function of CFO.
“Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple,” mentioned Apple CEO Tim Cook dinner. “We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company.”
Apple plans for brand new CFO Kevan Parekh to interchange Luca Maestri as of January 1, 2025
The massive personnel shift in monetary companies comes as Apple continues to cement its place as one of many world’s most useful corporations. It’s at present 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 12 months, which can also 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 can 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 development. The corporate greater than doubled its income, with companies income experiencing a powerful five-fold improve, the corporate mentioned. This development has been notably important for Apple customers, because it has enabled the corporate to speculate closely in analysis and growth, resulting in modern services which have enhanced the Apple ecosystem. Maestri, by the way in which, was as soon as named the “most-admired CFO in the world.”
Deliberate succession technique
Maestri’s transition is a part of a rigorously deliberate succession technique. He’ll proceed to steer Apple’s Company Companies groups, together with info methods and expertise, info safety, and actual property and growth. This transfer ensures that Apple will proceed to profit from Maestri’s experience in essential areas of the corporate’s operations, Cook dinner mentioned.
Taking up the CFO place will probably be Parekh, at present Apple’s Vice President of Monetary Planning and Evaluation. Parekh, an 11-year veteran of the corporate, brings loads of expertise to the function. His background consists of management in numerous monetary features of Apple’s enterprise, together with Worldwide Gross sales, Retail and Advertising Finance.
“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” mentioned Cook dinner. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Earlier than becoming a member of Apple, Parekh held senior management roles at Thomson Reuters and Common 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 greatest privilege of my professional life’
“It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,” mentioned Maestri. “I’m looking forward to the next stage of my time at Apple, and I have enormous 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 he embodies the leadership, judgment and values that are so important to this role.”
For Apple customers and buyers alike, Apple famous, the transition indicators a continuation of the corporate’s robust monetary administration. Parekh’s deep understanding of Apple’s operations and his expertise in monetary planning counsel that the corporate will keep its give attention to 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.