Longtime Apple Chief Monetary Officer Luca Maestri will step down from the job on the finish of the 12 months, handing the function to prime deputy Kevan Parekh after greater than a decade.
Parekh, 52, will change into CFO on Jan. 1 in what Apple described as a “deliberate succession.” Maestri, who has been CFO since 2014, will stay at Apple in a decreased place, persevering with to supervise data 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-known voice on the corporate’s convention calls. Throughout his tenure, Apple turned extra of a providers supplier, with that class accounting for a lot of its income development. The Italian-born government will proceed to report back to Chief Government Officer Tim Cook dinner in his new place.
Parekh, in the meantime, will change Maestri on Apple’s government group and report back to Cook dinner as effectively.
“Kevan has been an indispensable member of Apple’s finance management group, and he understands the corporate inside and outside,” Cook dinner stated in an announcement. “His sharp mind, smart judgment and monetary brilliance make him the right option to be Apple’s subsequent CFO.”
Parekh has been at Apple for 11 years and joined across the identical time as Maestri. He at the moment oversees monetary planning, investor relations and market analysis capabilities. He took on extra accountability late final 12 months, 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 making 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 “monumental confidence” in his successor.
Apple shares fell as a lot as 1.7% in late buying and selling, however regained many of the floor. The transition will doubtless be a clean one, in line with Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change “seems to us to be a part of a standard management-planning transfer,” 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 group however nonetheless oversees improvement of the Imaginative and prescient Professional headset.
“We’re lucky that we’ll proceed to learn from the management and perception which have been the hallmark of his tenure on the firm,” Cook dinner stated of Maestri. The transfer marks the second CFO transition throughout Cook dinner’s tenure, with earlier CFO Peter Oppenheimer stepping down in 2014.
Apple’s administration group is probably going due for extra adjustments within the foreseeable future. Most of the executives are round 60 years previous and have been on the firm for many years.
The transition marks the second notable administration change this month. Final week, Apple advised staff that Matt Fischer, its vp accountable for the App Retailer, might be leaving as a part of a reorganization. He’s being changed by two deputies.
