iPhone maker Apple announced a major change in its executive ranks. The tech giant announced that its longtime Chief Financial Officer (CFO) Luca Maestri will leave the role effective January 1, 2025.
Maestri won’t leave the company altogether and will instead work as a leader of teams in the company’s IT, security, and real estate divisions.
Apple will replace Maestri with Kevan Parekh, who previously worked as the vice president of financial planning and analysis. It should be a smooth transition, considering that Parekh was Maestri’s right-hand for a number of years.
“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,” Apple CEO Tim Cook said in a statement.
Maestri joined Apple in 2013 as a corporate controller after previously working with General Motors, Nokia, and Xerox. He was elevated to the CFO position in 2014 and went on to help guide Apple through a period of great success and prosperity.
Since Maestri took over as CFO, Apple more than doubled its annual sales while seeing its stock surge from around $25 per share to its current price of $227.18.