Apple announces a significant change in its management team: Long-time CFO Luca Maestri will hand over his position to Kevan Parekh at the turn of the year. What does this step mean for the tech company, and how has Maestri shaped the company over the last ten years?
Apple is preparing for an important personnel change. As the Tech group announced on Monday long-standing Chief Financial Officer (CFO) Luca Maestri will hand over his position to Kevan Parekh on January 1, 2025. Parekh, who previously served as Vice President for Financial Planning and Analysis, is considered a close confidant of Maestri and knows the company inside out.
Luca Maestri has been CFO since 2014. He can now look back on a successful track record: under his aegis, Apple doubled its annual sales from 183 billion to 383 billion dollars (about 357 billion euros) and also increased net profit significantly. The company’s share price rose by over 800 percent during this time.
Maestri, who began his career at General Motors and worked there for two decades, brought extensive international experience to Apple. Before joining the iPhone maker, he held CFO positions at Nokia-Siemens-Networks and Xerox.
Kevan Parekh, the designated successor, has been with Apple since 2013 and most recently headed the financial planning and analysis department as Vice President. Apple CEO Tim Cook praises Parekh’s “sharp intellect, wise judgment and financial brilliance” and sees him as the ideal candidate for the position of CFO.
Kevan has been an indispensable member of Apple’s financial leadership team for more than a decade and knows the company inside and out. His keen mind, wise judgment and brilliance in financial matters make him the perfect choice as Apple’s next CFO. Tim Cook
Although Maestri is leaving the CFO position, he will remain with the company. He will continue to lead teams in IT, security and real estate development. This decision underscores Apple’s appreciation for Maestri’s expertise and desire to benefit from his years of experience.
The change in leadership in the finance department comes at a time when other tech companies such as Alphabet and Meta are making similar changes in their finance departments. It remains to be seen how this change will affect Apple’s financial strategy and performance.
Parekh takes over at a time when Apple is facing a number of challenges, including entering new markets, developing innovative products and navigating geopolitical tensions, particularly in relation to relations with China.
In addition, Apple CEO Tim Cook has already stated that he does not plan to remain at the helm of the company for many years to come. What do you think about this change in leadership at Apple? Can Kevan Parekh build on Luca Maestri’s successes? Share your opinions and expectations in the comments!
Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.
