Apple Announces CFO Luca Maestri to Step Down in 2025

Apple has announced that Luca Maestri, its longtime Chief Financial Officer, will step down from his role on January 1, 2025. Maestri has held the position since 2014 and has overseen Apple’s most successful fiscal decade, with the company’s net income more than doubling during his tenure. Under his financial leadership, Apple’s stock value increased ninefold, reflecting both the iPhone’s popularity and the company’s significant growth in services revenue, which has grown five times since he became CFO.

Kevan Parekh, who joined Apple in 2013 and currently serves as Vice President of Financial Planning and Analysis, has been named as Maestri’s successor. Though less publicly known, Parekh has significant experience at Apple, including leading finance for worldwide sales, retail, and marketing.

Even after stepping down as CFO, Maestri will remain with Apple in a reduced role. According to an announcement on Apple’s newsroom website, Maestri will continue to oversee the Corporate Services teams, including information systems, information security, and real estate development, and will report directly to CEO Tim Cook.

The decision to keep Maestri involved may help reassure shareholders, who often react cautiously to major leadership changes, especially given Maestri’s strong track record. This approach might allow Apple to transition Parekh into the CFO role more smoothly.

For Apple users, this leadership change is unlikely to impact product design or development, as the CFO role primarily focuses on financial management. However, such significant shifts in Apple’s leadership team are rare and noteworthy, especially since Tim Cook himself was promoted from the C-suite to become CEO.