Apple CFO Luca Maestri Stepping Down

<div class&equals;"pagebody-copy"><span class&equals;"pagebody-location"><strong>CUPERTINO<&sol;strong> &&num;8212&semi; <&sol;span>Apple announced that Chief Financial Officer Luca Maestri will transition from his role on January 1&comma; 2025&period; Maestri will continue to lead the Corporate Services teams&comma; including information systems and technology&comma; information security&comma; and real estate and development&comma; reporting to Apple CEO Tim Cook&period; As part of a planned succession&comma; Kevan Parekh&comma; Apple’s Vice President of Financial Planning and Analysis&comma; will become Chief Financial Officer and join the executive team&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Luca has been an extraordinary partner in managing Apple for the long term&period; He has been instrumental in improving and driving the company’s financial performance&comma; engaging with shareholders&comma; and instilling financial discipline across every part of Apple&period; We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company&comma;” said Tim Cook&comma; Apple’s CEO&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;For more than a decade&comma; Kevan has been an indispensable member of Apple’s finance leadership team&comma; and he understands the company inside and out&period; His sharp intellect&comma; wise judgment&comma; and financial brilliance make him the perfect choice to be Apple’s next CFO&period;”<&sol;p>&NewLine;<p>During his time as CFO&comma; Maestri enabled essential investments and practiced robust financial discipline&comma; which together helped the company more than double its revenue&comma; with services revenue growing more than five times&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;It is the greatest privilege of my professional life to serve the world’s most innovative and admired company&comma; and to work side by side with a leader as inspirational as Tim Cook&comma;” said Maestri&period; &OpenCurlyDoubleQuote;I’m looking forward to the next stage of my time at Apple&comma; and I have enormous confidence in Kevan as he prepares to take the reins as CFO&period; He is truly exceptional&comma; has a deep love for Apple and its mission&comma; and he embodies the leadership&comma; judgment&comma; and values that are so important to this role&period;”<&sol;p>&NewLine;<p>Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis&comma; G&amp&semi;A and Benefits Finance&comma; Investor Relations&comma; and Market Research&period; Prior to this role&comma; Parekh led Worldwide Sales&comma; Retail&comma; and Marketing Finance&period; He began his tenure leading the financial support of Apple’s Product Marketing&comma; Internet Sales and Services&comma; and Engineering teams&period;<&sol;p>&NewLine;<p>Parekh&&num;8217&semi;s ascension to Chief Financial Officer could put him in line to replace CEO Tim Cook when he chooses to retire in the future&period;<&sol;p>&NewLine;<p>Before joining Apple&comma; Parekh held various senior leadership roles at Thomson Reuters and General Motors&comma; where he also had extensive global experience&period; Parekh is an electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago&period;<&sol;p><&sol;div>&NewLine;