Apple’s longtime Chief Financial Officer Luca Maestri will step down from the post on Jan. 1, the company announced.
Kevan Parekh, Maestri’s top deputy and an 11-year Apple veteran, will replace him as CFO in what the company described as a “planned succession.”
Maestri, 60, will stay on in a reduced role that will include oversight of teams responsible for IT and real estate.
“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,” Apple CEO Tim Cook said in a statement on Monday.
“His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Maestri was hired as Apple’s vice president of finance and corporate controller in 2013 and took over the CFO role the following year. Since then, the company’s stock has surged nearly 1,000%, while its revenue has more than doubled.
Apple shares were down less than 1% in early trading Tuesday following the company’s announcement.
“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,” Maestri said in a statement. “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.”
Prior to taking on the CFO role, Parekh has served as Apple’s vice president of financial planning and analysis.
“Parekh is an Apple insider that has been trained for this role over the years and we expect a seamless CFO transition in Cupertino,” Wedbush analyst Dan Ives said in a note to clients.
The leadership shakeup will play out during a critical period for Apple, which is leaning into artificial intelligence in an effort to boost slumping iPhone sales.
Apple is expected to unveil its latest AI-powered iPhone lineup during a Sept. 9 event at the company’s Cupertino headquarters.
In June, the tech giant unveiled a suite of planned AI features that it called “Apple Intelligence,” including a tie-up with ChatGPT maker OpenAI.
