Apple manager Luca Maestri speaks to new graduates during Board of Trustees President Giuseppe Conte’s visit to the Apple and Cisco Academy.
Marco Cantil | LightRocket | Getty Images
Apple announced on Monday that it would replace Chief Financial Officer Luca Maestri with current Apple insider Kevan Parekh, effective Jan. 1.
Apple said Maestri, who has served as Apple’s CFO since 2014, will continue to lead teams focused on IT, security and real estate development.
Parekh, the incoming CFO, was Maestri’s most senior executive as the company’s vice president of financial planning and analysis.
“Kevan has been an integral part of Apple’s financial leadership team for more than a decade and understands the Company inside and out. His sharp intellect, sound judgment and financial talent make him the ideal choice to be Apple’s next CFO,” Apple CEO Tim Cook said in a statement.
Maestri was named Apple’s CFO in 2014, and shortly thereafter the company’s stock price began to soar, driven in part by strong demand for the iPhone. Since Maestri took over as CFO, Apple’s stock price has risen more than 800%.
During his tenure as chief financial officer, Apple more than doubled its annual revenue and net income and expanded its gross margins. In 2014, Apple’s annual sales were about $183 billion. Last year, Apple reported revenue of $383 billion.
Maestri oversaw Apple’s record-breaking capital return program and appeared alongside Cook on quarterly earnings calls.
Maestri, 60, began his career at General Motors, where he spent 20 years and helped build the company’s operations in the Asia-Pacific region, before going on to serve as CFO at Nokia Siemens and Xerox before joining Apple as corporate controller in 2013 and being promoted to CFO the following year.
Mr. Parekh joined Apple in 2013 in finance and product marketing roles after four years at Thomson Reuters. Like Mr. Maestri, Mr. Parekh also previously worked at GM in roles including international operations.
Apple isn’t the only Silicon Valley giant undergoing a financial shakeup. Alphabet announced that Ruth Porat would step down as CFO in July 2023 to become president and chief investment officer. The company finally announced her successor in June, bringing in Anat Ashkenazi, who had led finance at Eli Lilly. A year before Porat’s move was made public, Mehta appointed Susan Lee as CFO, replacing David Wehner, who was becoming chief strategy officer.