Apple recently announced that its chief financial officer, Luca Maestri, will be stepping down from his role at the beginning of next year. Maestri will continue to work at Apple as the head of the corporate services team, overseeing information systems and technology, information security, and real estate and development.
Financial Growth Under Maestri
Since joining Apple in 2013 and becoming CFO in 2014, Maestri has played a crucial role in the company’s financial performance. When Maestri took over as CFO, Apple’s annual revenue was $183 billion, and last year it reached an impressive $383 billion. Under Maestri’s leadership, Apple also expanded its share repurchase program to $90 billion, which was later increased to $110 billion, setting a new record for the company.
Despite a decline in iPhone and iPad sales, Apple saw a 14 percent increase in revenue from its services business. In its announcement, Apple highlighted Maestri’s contribution to the company’s financial success, stating that his financial discipline and strategic investments helped Apple more than double its revenue, with services revenue growing more than five times.
Kevan Parekh, Apple’s vice president of financial planning and analysis, will be taking over as CFO following Maestri’s departure. Parekh, who has been with Apple for 11 years, brings a wealth of experience from his previous roles at Thomson Reuters and General Motors. Apple’s CEO, Tim Cook, praised Maestri for his instrumental role in improving the company’s financial performance and instilling financial discipline across all aspects of Apple.
In addition to Maestri’s upcoming departure, Apple recently announced changes to its App Store division, with vice president Matt Fischer leaving his role after over a decade. The restructuring at Apple reflects the company’s ongoing efforts to adapt to a constantly evolving market and technology landscape.
Overall, Maestri’s tenure as CFO at Apple has been marked by significant financial growth and strategic decision-making. His successor, Kevan Parekh, will have big shoes to fill as he takes on the responsibility of managing the finances of a now $3 trillion company. As Apple continues to innovate and expand its offerings, the leadership changes signal an exciting new chapter for the tech giant.