Apple has announced a leadership change, with Chief Financial Officer (CFO) Luca Maestri set to step down from his role at the start of next year. Maestri will move to manage Apple’s Corporate Services groups. These groups include computer and technology systems, keeping information safe, and managing property and development projects.
Maestri joined Apple in 2013 and quickly became the CFO in 2014, succeeding Peter Oppenheimer. During his tenure, Apple’s annual revenue more than doubled, from $183 billion to $383 billion.
He was important in executing Apple’s financial strategies, expanding the company’s share repurchase program from $90 billion to a record-breaking $110 billion. Under his management, Apple’s services revenue increased by more than five times.
Kevan Parekh, currently Apple’s Vice President of Financial Planning and Analysis, will take over as CFO. Parekh has been with Apple for 11 years and brings experience from previous leadership roles at Thomson Reuters and General Motors.
This leadership change is part of a broader organizational reshuffle at Apple, which includes changes in other divisions, such as the App Store. The company recently announced the division’s restructuring, with App Store Vice President Matt Fischer stepping down after over a decade.
Could it be because sales have been going down, especially in China?
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