Longtime Apple Chief Monetary Officer Luca Maestri will step down from the job on the finish of the yr, handing the function to prime deputy Kevan Parekh after greater than a decade.
Parekh, 52, will grow to be CFO on Jan. 1 in what Apple described as a “planned succession.” Maestri, who has been CFO since 2014, will stay at Apple in a diminished place, persevering with to supervise info expertise and actual property capabilities, the corporate stated Monday.
The 60-year-old Maestri was a steward of Apple’s funds within the post-Steve Jobs period and a well-recognized voice on the corporate’s convention calls. Throughout his tenure, Apple grew to become extra of a companies supplier, with that class accounting for a lot of its income progress. The Italian-born govt will proceed to report back to Chief Govt Officer Tim Prepare dinner in his new place.
Parekh, in the meantime, will change Maestri on Apple’s govt crew and report back to Prepare dinner as effectively.
“Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Prepare dinner stated in a press release. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Parekh has been at Apple for 11 years and joined across the identical time as Maestri. He at present oversees monetary planning, investor relations and market analysis capabilities. He took on extra accountability late final yr, when Maestri’s different prime deputy — Saori Casey — stepped down. She later joined Sonos Inc. as its CFO.
Maestri had been grooming Parekh for the CFO function over the last a number of months, and Bloomberg Information reported in Might that Apple had been getting ready to call Parekh as its subsequent finance chief. Parekh additionally has more and more attended non-public conferences with Apple monetary analysts and companions. Maestri stated Monday that he has “enormous confidence” in his successor.
Apple shares fell as a lot as 1.7% in late buying and selling, however regained a lot of the floor. The transition will seemingly be a clean one, in accordance with Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change “appears to us to be part of a normal management-planning move,” they stated in a be aware.
Maestri’s shift to a smaller function on the firm follows a latest sample for executives there. When Phil Schiller stepped down as advertising and marketing chief in 2020, he determined to stay at Apple and now leads a smaller portfolio that features the App Retailer. Dan Riccio, head of {hardware} engineering till 2021, left the corporate’s administration crew however nonetheless oversees improvement of the Imaginative and prescient Professional headset.
“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,” Prepare dinner stated of Maestri. The transfer marks the second CFO transition throughout Prepare dinner’s tenure, with earlier CFO Peter Oppenheimer stepping down in 2014.
Apple’s administration crew is probably going due for extra adjustments within the foreseeable future. Lots of the executives are round 60 years outdated and have been on the firm for many years.
The transition marks the second notable administration swap this month. Final week, Apple informed staff that Matt Fischer, its vp answerable for the App Retailer, will likely be leaving as a part of a reorganization. He’s being changed by two deputies.
