CUPERTINO (dpa-AFX) - Tech giant Apple Inc. (AAPL) on Monday announced that it will replace Chief Financial Officer Luca Maestri on January 1, 2025. Kevan Parekh, Apple's Vice President of Financial Planning and Analysis, will succeed as CFO.
Maestri, who had been Apple CFO since 2014, will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook.
'Luca has been an extraordinary partner in managing Apple for the long term. 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 that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,' said Tim Cook, Apple's CEO.
'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.'
During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.
Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple's Product Marketing, Internet Sales and Services, and Engineering teams.
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