Aug. 27 (UPI) — Apple Chief Financial Officer Luca Maestri will leave the position by Jan. 1 with his second in command Kevan Parekh taking his place.
Apple announced the change Monday as it said Maestri will continue to serve the company by leading its corporate service teams, including information systems and technology, information security, and real estate and development.
Parekh is currently serving as the company’s vice president of financial planning and analysis.
“Luca has been an extraordinary partner in managing Apple for the long term,” Apple CEO Tim Cook said in a statement. “He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple.
“We’re fortunate to continue to benefit from his leadership and insight, which have been the hallmark of his tenure at the company.”
A former executive at Thomson Reuters, Parekh has spent 11 years at Apple in various leadership positions. He started leading the financial support for Apple’s product marketing, Internet sales and services and engineering teams.
“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,” Cook said. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Apple more than doubled its annual sales and net income under Maestri while expanding its gross margin. The iPhone maker reported $383 billion in revenue in 2023 compared to $183 million in 2014.
