Luca Maestri will step down as Apple CFO after a decade of huge growth for the iPhone giant

Parekh, 52, will become CFO on January 1 in what Apple described as a “planned succession”. Maestri, who has been CFO since 2014, will remain at Apple in a reduced role, continuing to oversee the information technology and real estate functions, the company announced Monday.

Maestri, 60, was an administrator of Apple’s finances in the post-Steve Jobs era and a familiar voice on the company’s conference calls. During his tenure, Apple became more of a service provider, with that category accounting for much of its revenue growth. The Italian-born executive will continue to report to chief executive Tim Cook in his new role.

Parekh, meanwhile, will replace Maestri on Apple’s executive team and will also report to Cook.

“Kevan has been an indispensable member of Apple’s financial leadership team and understands the company inside and out,” Cook said in a statement. “His sharp intellect, sound judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”

Parekh has been with Apple for 11 years and joined around the same time as Maestri. He currently oversees the financial planning, investor relations and market research functions. He took on more responsibilities late last year when Maestri’s other deputy, Saori Casey, stepped down. She later joined Sonos Inc. as its financial director.

Maestri has been grooming Parekh for the CFO role for the past several months, and Bloomberg News reported in May that Apple was preparing to name Parekh as its next chief financial officer. Parekh also increasingly attended private meetings with Apple’s financial analysts and partners. Maestri said on Monday that he had “tremendous confidence” in his successor.

Apple shares fell as much as 1.7 percent in late trading, but regained most of the ground. The transition is likely to be smooth, according to Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change “appears to us to be part of a normal management planning move,” they said in a note.

Maestri’s move to a smaller role at the company follows a recent pattern for executives there. When Phil Schiller stepped down as chief marketing officer in 2020, he decided to stay at Apple and now runs a smaller portfolio that includes the App Store. Dan Riccio, head of hardware engineering until 2021, has left the company’s management team but is still overseeing development of the Vision Pro headset.

“We are fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,” Cook said of Maestri. The move marks the second CFO transition during Cook’s tenure, with previous CFO Peter Oppenheimer stepping down in 2014.

Apple’s management team is likely to have more changes in the near future. Many of the executives are in their 60s and have been with the company for decades.

The transition marks the second notable management change this month. Last week, Apple told employees that Matt Fischer, its vice president in charge of the App Store, would be leaving as part of a reorganization. He is replaced by two deputies.

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