Apple’s CFO Luca Maestri Steps Down, Company Announces Restructuring and Expansion

Apple’s chief financial officer Luca Maestri will be stepping down from his role at the beginning of next year. Despite leaving his position as CFO, Maestri will continue to serve the company as the head of its corporate services team. In this new role, he will be responsible for overseeing information systems and technology, information security, and real estate and development.

Maestri joined Apple in 2013 and quickly rose to the position of CFO in just one year. During his tenure, Apple saw significant financial growth, with annual revenue increasing from $183 billion to $383 billion. Maestri played a key role in overseeing Apple’s share repurchase program, which has now expanded to $110 billion. Additionally, he was instrumental in growing the company’s services revenue by 14 percent, despite a decline in iPhone and iPad sales.

Following Maestri’s departure, Kevan Parekh will assume the role of managing Apple’s finances as the company’s new CFO. Parekh, who has been with Apple for 11 years, brings a wealth of experience to the position, having previously held senior leadership roles at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri’s contributions to the company, noting his role in driving financial performance and instilling financial discipline across all aspects of Apple.

In addition to Maestri’s transition and Parekh’s appointment, Apple has announced other changes within the company. The tech giant revealed plans to reorganize its App Store division, with vice president Matt Fischer stepping down from his role after more than a decade with the company. This restructuring indicates Apple’s commitment to adapting to evolving market trends and optimizing its business operations.

Overall, Apple’s announcement regarding Luca Maestri’s departure signifies a significant leadership change within the company. While Maestri’s contributions to Apple’s financial success are commendable, the appointment of Kevan Parekh reflects the company’s confidence in its internal talent pool. As Apple continues to navigate the competitive landscape of the technology industry, these strategic moves are essential for sustaining growth and innovation.