Apple Announces Chief Financial Officer Luca Maestri’s Departure

Apple recently made an announcement that chief financial officer Luca Maestri will be stepping down from his role at the beginning of next year. Despite this change, Maestri will remain at the company as the head of its corporate services team, overseeing critical areas such as information systems and technology, information security, and real estate development.

Luca Maestri’s Contributions to Apple

Maestri joined Apple in 2013 after working as the CFO of Xerox. Within just a year of joining Apple, he became the CFO, replacing Peter Oppenheimer. Under his leadership, Apple’s annual revenue grew significantly, from $183 billion to $383 billion. Additionally, Maestri oversaw an expansion of Apple’s share repurchase program to $90 billion, subsequently increasing it to $110 billion this spring. Despite challenges in iPhone and iPad sales, Apple saw a 14 percent increase in revenue from its services business.

With Maestri’s departure, Kevan Parekh, Apple’s vice president of financial planning and analysis, will take on the role of managing the finances of the now $3 trillion company. Parekh, who has been with Apple for 11 years, brings a wealth of experience from senior leadership positions at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri for his contribution to the company’s long-term financial performance and shareholder engagement.

In addition to Maestri’s departure, Apple also announced a restructuring of its App Store division. App Store vice president Matt Fischer will be stepping down from his role after over a decade with the company. This move comes as part of broader changes within Apple to adapt to evolving market dynamics and consumer preferences.

Through these strategic changes, Apple aims to position itself for continued growth and innovation in a highly competitive industry. Maestri’s departure marks the end of an era, but with new leadership and a renewed focus on key areas of the business, Apple is poised to navigate future challenges and opportunities successfully.