Summarize

Simplifying... Inshort

Apple's CFO, Luca Maestri, is stepping down but will stay on in a smaller role, while Kevan Parekh, an Apple veteran, will take over as CFO from January 1.
Parekh, who has been with Apple since 2013 and has experience at Thomson Reuters and General Motors, has been groomed for the role by Maestri himself.
Despite initial market jitters, Apple's shares quickly bounced back after the announcement.

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Parekh has been with Apple since June 2013

Apple's CFO Luca Maestri steps down, Kevan Parekh named successor

By Dwaipayan Roy

Aug 27, 2024

09:47 am

What's the story

Apple's Chief Financial Officer (CFO) Luca Maestri is set to step down from his role at the end of this year. The position will be taken over by Kevan Parekh, currently serving as the Vice President of Financial Planning and Analysis at the company. This transition is part of a "planned succession" strategy by the US-based tech giant.

Role transition

Maestri's new role and legacy

Despite stepping down as CFO, Maestri will continue his association with Apple in a reduced capacity. He will be responsible for overseeing information technology and real estate functions within the company. During his tenure as CFO since 2014, Maestri played a significant role in steering Apple's finances in the post-Steve Jobs era, and was instrumental in the company's shift toward becoming a services provider.

Successor profile

Parekh's journey and future responsibilities at Apple

Parekh, who will officially assume the CFO role on January 1, has been with Apple since June 2013. Prior to joining Apple, he held various positions at Thomson Reuters for four years and worked at General Motors for over five years. In his new role as CFO, Parekh will join Apple's executive team and report directly to CEO Tim Cook.

CEO endorsement

Cook's endorsement and Parekh's preparation for CFO role

Cook has expressed his confidence in Parekh, stating, "His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple's next CFO." Over the past several months, Maestri has been preparing Parekh for this new role. This preparation included increased participation in private meetings with Apple's financial analysts and partners.

Management shifts

Apple's management changes and market response

The change in CFO is not the first executive shift at Apple. Similar transitions were seen when Phil Schiller stepped down as marketing chief in 2020, and Dan Riccio left his position as head of hardware engineering in 2021. Following the announcement of Maestri's departure, Apple shares experienced a slight dip but quickly recovered most of their value.