Apple swaps veteran CFO for company insider
US tech giant Apple has announced that Luca Maestri, the company’s Chief Financial Officer (CFO), is stepping down, and a replacement will be appointed from within the company.
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US tech giant Apple has announced that Luca Maestri, the company’s Chief Financial Officer (CFO), is stepping down, and a replacement will be appointed from within the company.
Maestri will vacate the CFO position starting next year, transitioning to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, the company announced.
Meanwhile, the company’s Vice President of Financial Planning and Analysis, Kevan Parekh, will step up to be the company’s new 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,” Apple’s CEO Tim Cook said.
Maestri started as Apple’s CFO a decade ago, with the company’s stock ballooning 800% since his tenure began. The departing CFO joined Apple after working with other major companies such as Nokia, Samsung, and General Motors.
Parekh joined Apple at a similar time, in 2013, after several years at Thomson Reuters and General Motors.
“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. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook said.