Apple recently made headlines with the announcement that their chief financial officer, Luca Maestri, will be stepping down from his role at the beginning of next year. Despite this change, Maestri will continue to contribute to the company as the head of its corporate services team overseeing important aspects such as information systems and technology, information security, and real estate and development.
Maestri’s tenure at Apple has been marked by significant financial growth for the tech giant. Since taking over as CFO in 2014, Apple’s annual revenue has more than doubled, increasing from $183 billion to an impressive $383 billion last year. Not only that, but Maestri has played a key role in overseeing the company’s share repurchase program, which recently expanded to $110 billion.
With Maestri’s departure, Kevan Parekh, Apple’s vice president of financial planning and analysis, will step up to manage the finances of the now $3 trillion company. Parekh, who has been with Apple for 11 years, brings a wealth of experience to the role, having held senior leadership positions at Thomson Reuters and General Motors in the past.
Apple CEO Tim Cook praised Maestri for his contributions to the company, highlighting his role in driving financial performance, engaging with shareholders, and instilling financial discipline across all aspects of Apple’s operations. Maestri’s departure marks the end of an era for Apple’s financial leadership, but with Parekh taking the reins, the company is poised to continue its growth and success in the years to come.
In addition to Maestri’s departure, Apple also recently announced changes within its App Store division, with vice president Matt Fischer stepping down from his role after over 10 years. These organizational shifts signal a period of change and evolution for Apple as it continues to adapt to the rapidly evolving tech landscape.
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