Apple has officially confirmed a change in its top financial leadership. Luca Maestri, the company’s long-serving Chief Financial Officer (CFO), has stepped down from his position effective January 1, 2025. Kevan Parekh, who was Apple’s Vice President of Financial Planning and Analysis, has not gotten the role of CFO and joined the executive team.
The transition was initially announced in August 2024 and was formalized through a Form 8-K filing with the U.S. Securities and Exchange Commission, as seen at Apple World Today. This document is used to notify investors about significant events affecting the company.
Luca Maestri will continue to lead Apple’s Corporate Services teams, which include information systems and technology, information security, and real estate and development. He will report directly to CEO Tim Cook.
A bit about Kevan Parekh, he is an 11-year Apple veteran, will become the new CFO. His previous responsibilities were overseeing Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.
Parekh’s annual salary as CFO will be $1 million, with eligibility to participate in Apple’s Executive Cash Incentive Plan for fiscal year 2025.
Apple CEO Tim Cook praised Maestri’s time as leader of finance. He said that under Maestri’s management, the company’s revenue more than doubled, and revenue from services grew more than five times.
Parekh has experience of prior senior leadership positions at Thomson Reuters and General Motors. He holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago Booth School of Business.