Apple has announced that its longtime chief financial officer, Luca Maestri, will step down from his role on January 1.
Kevan Parekh, Maestri's top vice president and an 11-year veteran of Apple, will succeed Maestri as CFO in what the company describes as a “planned succession” move.
Maestri, 60, will stay on in a reduced role that includes overseeing teams in IT and real estate.
“For more than a decade, Kevan has been an integral part of Apple's financial leadership team and understands the company inside and out,” Apple CEO Tim Cook said in a statement on Monday.
“His sharp intellect, sound judgment and financial acumen make him the perfect choice to be Apple's next CFO.”
Maestri was hired as Apple's vice president of finance and corporate controller in 2013 and took over as CFO the following year. Since then, the company's stock price has risen nearly 1,000% and revenue has more than doubled.
Apple shares fell less than 1% in early trading Tuesday following the company's announcement.
“I look forward to this next step at Apple and have the utmost confidence in Kevan's preparation to take the lead as CFO,” Maestri said in a statement. “He is a truly extraordinary person with a deep love for Apple and its mission, and he embodies the leadership, judgment and values that are so important in this role.”
Prior to his role as CFO, Parekh served as Apple's vice president of financial planning and analysis.
“Parekh is an Apple insider who has trained for the role for years, which should ensure a smooth CFO transition in Cupertino,” Wedbush analyst Dan Ives said in a client note.
The leadership shakeup comes at a critical time for Apple, which is pushing into artificial intelligence to boost sagging iPhone sales.
Apple is scheduled to unveil its latest AI-powered iPhone lineup at an event at its Cupertino headquarters on September 9.
In June, the tech giant announced a planned set of AI features it's calling “Apple Intelligence,” including a partnership with OpenAI, the creators of ChatGPT.
