On the 26th (local time), Apple announced that it will replace Luca Maestri, Chief Financial Officer (CFO), with Vice President Kevan Parekh, marking the first CFO change in 10 years.
Apple stated, "As part of a planned succession, Vice President Parekh will assume the role of the new CFO starting January next year." Maestri's term as CFO will last until the end of the year.
CFO Maestri will lead a team focused on IT, security, and real estate development.
This is Apple's first CFO change in about 10 years.
Maestri joined Apple in 2013 after serving as CFO at General Motors, Nokia Siemens, and Xerox. He took office as CFO in 2014 and has held the position for 10 years.
During his tenure, Apple’s annual revenue more than doubled, and its stock price rose over 800%. Last year, Apple’s annual revenue was approximately $383 billion, double the $183 billion revenue in 2014.
New CFO Vice President Parekh has held roles in financial planning and analysis within Maestri’s finance leadership team for several years. He joined Apple in 2013 after working at Thomson Reuters and GM.
CEO Tim Cook said, "Vice President Parekh has been an indispensable member of Apple’s finance leadership team for over 10 years and understands the company well. His sharp intellect, wise judgment, and financial excellence led us to select him as Apple’s next CFO."
Apple is set to unveil the iPhone 16 on the 9th of next month. On that day, Apple’s stock closed down 0.48% at $226.09 after market hours.
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