Apple CFO shakeup: Kevan Parekh replacing Luca Maestri

Luca Maestri

has served as Apple's CFO for over a decade, but he's stepping down and being replaced by Kevan Parekh, Apple's current VP of Financial Planning and Analysis.

Kevan Parekh has spent 11 years at Apple and leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. He was previously in charge of Worldwide Sales, Retail, and Marketing finance and got his start in marketing.

Apple shared that Parekh will take over as CFO on January 1, 2025, as Luca Maestri transitions from the role. Maestri will remain involved in Apple as lead of the Corporate Services teams and report directly to CEO Tim Cook.

"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," Cook shared in a statement. "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."

Luca Maestri and Tim Cook have been heard celebrating quarter after quarter of success over the past decade on earnings calls. His leadership has no doubt played a part in doubling Apple's revenue and growing services by five times during his tenure.

"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."

Since the transition won't occur until January 2025, there will be at least one more earnings call with Maestri after the announcement of the iPhone 16. The earnings call will likely take place in early November.