Luca Maestri, Apple’s chief monetary officer (CFO) since 2014, will transition to move of Company Providers on January 1, 2025, the iPhone big mentioned Monday. Kevan Parekh, Apple’s vice chairman of Monetary Planning and Evaluation, will assume the function of CFO.
“Luca has been a rare associate in managing Apple for the long run. He has been instrumental in enhancing 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 are going to 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 companies comes as Apple continues to cement its place as one of many world’s most precious firms. It’s presently 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 may 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 exceptional monetary development. The corporate greater than doubled its income, with companies income experiencing a formidable five-fold improve, the corporate mentioned. This development has been significantly vital for Apple customers, because it has enabled the corporate to speculate closely in analysis and improvement, resulting in progressive services which have enhanced the Apple ecosystem. Maestri, by the way in which, was as soon as named the “most-admired CFO on the planet.”
Deliberate succession technique
Maestri’s transition is a part of a fastidiously deliberate succession technique. He’ll proceed to steer Apple’s Company Providers groups, together with data techniques and expertise, data safety, and actual property and improvement. This transfer ensures that Apple will proceed to learn from Maestri’s experience in vital areas of the corporate’s operations, Cook dinner mentioned.
Taking on the CFO place can be Parekh, presently 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 contains management in varied monetary points 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 staff, and he understands the corporate in and out,” 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 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 best privilege of my skilled life’
“It’s the biggest privilege of my skilled life to serve the world’s most progressive and admired firm, and to work aspect by aspect with a pacesetter as inspirational as Tim Cook dinner,” mentioned Maestri. “I’m trying ahead to the subsequent stage of my time at Apple, and I’ve monumental confidence in Kevan as he prepares to take the reins as CFO. He’s really distinctive, has a deep love for Apple and its mission, and he embodies the management, judgment and values which can be so vital to this function.”
For Apple customers and buyers alike, Apple famous, the transition alerts 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 preserve 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 energy.
