Apple’s CFO Luca Maestri will step down on Jan. 1, 2025, after over 10 years at the helm of one of the world’s largest technology companies. Kevan Parekh, the company’s VP of FP&A, will take over after Maestri’s departure. Maestri will remain an Apple employee and oversee its corporate service teams after the transition.
As CFO, Maestri built a solid reputation for reliability and strategic insight with investors and CEO Tim Cook, especially during times of increased competition and social scrutiny. During his tenure, the company more than doubled its annual sales and net income while also expanding its gross margin. In 2014, Apple’s annual revenue stood at approximately $183 billion and by last year it had grown to $383 billion.
Before being named CFO in 2014, Maestri had a short stint in his originally hired position as corporate controller. Before joining Apple, he worked at Xerox, Nokia Siemens Networks and General Motors Europe in CFO positions.
Parekh joined Apple in 2013 as a divisional leader from Thomson Reuters, where he worked for four years, most recently as corporate treasurer. Both Maestri and Parekh worked together at GM Europe for roughly a year; Maestri as CFO and Parekh as regional controller. Just three months after Maestri joined GM, Parekh was promoted to lead within Maestri’s office.
Parekh’s appointment, according to Cook, is one the company has internally recognized for some time. “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 in a statement.
Apple’s move comes shortly after Alphabet replaced their longtime CFO Ruth Porat with Anat Ashkenazi in early June. OpenAI also named Sarah Friar as their new CFO shortly after Google’s CFO shakeup and after the generative AI developer’s new partnership with Apple.
