The Apple manager, Luca Maestri, speaks to newly graduated students during the visit of the President of the Council, Giuseppe Conte, to Apple and Cisco Academy.
Marco Cantile | Lightrocket | Getty Images
Apple announced Monday that it will replace Chief Financial Officer Luca Maestri on Jan. 1 with current Apple insider Kevan Parekh.
Maestri will continue to lead teams focusing on IT, security, and real estate development, Apple said. He had been Apple CFO since 2014.
Parekh, the incoming CFO, has been on Maestri’s finance leadership team for years as the company’s VP of Financial Planning and Analysis.
“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 was named Apple CFO in 2014, before the stock began a torrid run, partially powered by strong demand for iPhones. He oversaw Apple’s record-breaking capital return program, and appeared alongside Cook on quarterly earnings calls.
In 2014, Apple’s annual sales were about $183 billion. Last year, Apple reported $383 billion in revenue. Apple stock is up over 800% since Maestri became CFO.
Maestri, 60, started his career with General Motors and spent two decades at the automaker, helping to establish its operations in the Asia Pacific region. He then served as CFO at Nokia Siemens and Xerox before joining Apple as corporate controller in 2013. He was promoted to CFO the following year.
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