In a recent announcement, technology giant Apple revealed that Chief Financial Officer (CFO) Luca Maestri will be transitioning from his role on January 1, 2025. However, Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, and will report directly to Apple CEO Tim Cook. This move is part of a planned succession within the company.

Apple's Vice President of Financial Planning and Analysis, Kevan Parekh, will assume the role of CFO and join the executive team as part of the transition. Parekh's tenure at Apple spans over a decade, during which he has played an indispensable role in the finance leadership team. With his sharp intellect, wise judgment, and financial brilliance, Parekh is seen as the perfect fit for the role of CFO, according to Apple CEO Tim Cook.

Under Maestri's guidance as CFO, Apple has made significant strides in terms of financial performance. His leadership has been instrumental in driving the company's revenue growth, with services revenue experiencing a remarkable five-fold increase. Maestri's focus on essential investments and financial discipline has played a crucial role in Apple's success.

Expressing his gratitude, Maestri stated, "It is the greatest privilege of my professional life to serve the world's most innovative and admired company and to work side by side with a leader as inspirational as Tim Cook. I'm looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role."

Parekh's experience and understanding of Apple's operations and finance make him well-suited to take on the CFO role. He currently leads various financial divisions within the company and has extensive global experience from his previous roles at Thomson Reuters and General Motors. With an electrical engineering background and an MBA from the University of Chicago, Parekh brings a strong skill set to the executive team.

Apple is recognized worldwide for its revolutionary products like the Macintosh, iPhone, iPad, and more. With an impressive portfolio of software platforms and a focus on providing seamless experiences across its devices, Apple continues to spearhead innovation. The company's more than 150,000 employees devote themselves to creating exceptional products and contributing to a better world.

The CFO transition marks a significant milestone for Apple as it enters a new phase of financial leadership. As Maestri takes on new responsibilities within the Corporate Services teams, Parekh steps into the role of CFO, poised to continue driving Apple's financial performance and contributing to the company's continued success.