Apple’s CFO steps down, hail the new CFO
Who will feed us the valuable insights into Apple’s fast-growing enterprise market share now that company CFO, Luca Maestri is stepping down?
Apple announced the soon-to-be missing Maestri in an August press release, in which it explained plans for the CFO to “transition from his role” from on January 1, 2025. Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will become Chief Financial Officer and join the executive team, the company said.
Missing Maestri
Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook.
(Oddly enough, it’s hard not to imagine Maestri leveraging his new role and prior experience to take on a CIO role somewhere).
I’m just hoping the new CFO will take a moment to share more Apple in the enterprise stories during future shareholder meetings. These have always provided excellent insight into Apple’s enterprise progress, and have been among the very few nods the company ever makes to shed light on that part of its growth story.
This is Luca Maestri, Apple’s CFO
What Maestri said
“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,” said Maestri.
“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.”
Maestri, incidentally, also sits on the board at Nestlé. That company saw the ouster of its CEO, Mark Schneider, just days ago. Schneider is being replaced by Laurent Freixe.
What Tim Cook said
It is interesting that Maestri is transitioning out of his role while maintaining some responsibilities at Apple. Time will tell if this reflects any other ambition on his part.
Responding to his departure, Apple’s CEO, Tim Cook, said: “Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,” said Tim Cook, Apple’s CEO.
“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.”
Who is Kevan Parekh?
Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.
Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.
Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience. Parekh is an electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago.
It is interesting to note that Parekh was identified as a likely successor to the CFO role by Mark Gurman earlier this year.
Overall, the move seems to be a well-planned and orchestrated maneuver that leaves solid hands on the wheel, investor chatter reports.
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