Apple, Luca Maestri resigns: Kevan Parekh new cfo
Luca Maestri, Apple's long-time cfo, will step down at the end of the year, leaving the role to Kevan Parekh. Maestri will remain at Apple in a reduced position, while Parekh will become the new cfo as of 1 January. The transition has been described as a 'planned succession' by Apple. Parekh, who has worked at Apple for 11 years, has been described as the perfect choice for the role by ceo Tim Cook
2' min read
2' min read
The long-time chief financial officer of Apple Luca Maestri will step down from his post at the end of the year, leaving the role to his deputy Kevan Parekh after more than a decade. Parekh, 52, will become cfo on 1 January in what Apple has called a "planned succession". Maestri, who has been cfo since 2014, will remain at Apple in a reduced position, continuing to oversee the IT and real estate functions, according to a company statement on Monday.
The 60-year-old Maestri was Apple's finance director in the post-Steve Jobs era and a familiar voice on the company's conference calls. During his tenure, Apple turned into a service provider, a segment that brought with it much of the revenue growth. In his new position, the Italian-born executive will continue to report to CEO Tim Cook.
Parekh, on the other hand, will replace Maestri on Apple's executive team and will also report to Cook. "Kevan has been an indispensable member of Apple's financial leadership team and knows the company inside out," Cook said in a statement. "His keen intellect, wisdom and financial brilliance make him the perfect choice to be Apple's next cfo."
Parekh has worked at Apple for 11 years and joined the company at the same time as Maestri. He currently oversees financial planning, investor relations and market research functions. She took on more responsibilities at the end of last year, when Maestri's other deputy, Saori Casey, stepped down. She later joined Sonos as chief financial officer.
In recent months, Maestri has been preparing Parekh for the role of cfo. Parekh has also increasingly participated in private meetings with Apple's financial analysts and partners. On Monday Maestri declared that he had 'enormous confidence' in his successor. Apple shares have fallen as much as 1.7 per cent in recent trading, but have recovered much of the ground. According to Bloomberg Intelligence analysts Anurag Rana and Andrew Girard, the transition is likely to be smooth. The change 'seems to us to be part of a normal management planning move,' they said in a note.
