Luca Maestri speaks to newly graduated college students throughout the go to of the President of the Council, Giuseppe Conte, to Apple and Cisco Academy.
Marco Cantile | Lightrocket | Getty Photos
Apple introduced Monday that it’s going to exchange Chief Monetary Officer Luca Maestri on Jan. 1 with present Apple insider Kevan Parekh.
Maestri will proceed to guide groups specializing in IT, safety and actual property growth, Apple stated.
Parekh, the incoming CFO, had been a high Maestri lieutenant as the corporate’s vp of economic planning and evaluation.
“For greater than a decade, Kevan has been an indispensable member of Apple’s finance management crew, and he understands the corporate inside and outside. His sharp mind, sensible judgment, and monetary brilliance make him the right option to be Apple’s subsequent CFO,” Apple CEO Tim Prepare dinner stated in a press release.
Maestri was named Apple CFO in 2014 earlier than the inventory started a torrid run, partially powered by sturdy demand for iPhones. Apple inventory is up greater than 800% since Maestri turned CFO.
Throughout his tenure as finance chief, Apple greater than doubled annual gross sales and internet earnings and expanded its gross margin. In 2014, Apple’s annual gross sales had been about $183 billion. Final yr, Apple reported $383 billion in income.
Maestri oversaw Apple’s record-breaking capital return program, and appeared alongside Prepare dinner on quarterly earnings calls.
Maestri, 60, began his profession with Common Motors and spent twenty years on the automaker, serving to to ascertain its operations within the Asia Pacific area. He then served as CFO at Nokia Siemens and Xerox earlier than becoming a member of Apple as company controller in 2013. He was promoted to CFO the next yr.
Parekh joined Apple in finance and product advertising and marketing in 2013 after 4 years at Thomson Reuters. Much like Maestri, he beforehand labored at GM, together with in abroad operations.
Apple shouldn’t be the one Silicon Valley big experiencing a shake-up in finance. At Alphabet, Ruth Porat introduced in July 2023 that she was leaving the CFO position to turn out to be president and chief funding officer. In June, the corporate lastly introduced a alternative, bringing in Anat Ashkenazi, who had been main finance at Eli Lilly. A yr earlier than Porat’s transfer was made public, Meta named Susan Li as CFO, changing David Wehner, who was turning into chief technique officer.
