Luca Maestri, Apple’s chief financial officer, is set to step down from his role at the start of next year. Despite this change, Maestri will continue to remain at the company as the head of its corporate services team, overseeing crucial aspects such as information systems and technology, information security, and real estate and development. Maestri’s tenure at Apple began in 2013, and within a year, he took over as the CFO, replacing Peter Oppenheimer. During his time as CFO, Apple experienced significant growth, with annual revenue increasing from $183 billion to $383 billion.
Apple’s Share Repurchase Program and Revenue Growth
Apple also announced an expansion to its share repurchase program, with Maestri playing a pivotal role in overseeing this initiative. The program initially stood at $90 billion before being increased to $110 billion this spring. This move broke Apple’s own record of $100 billion in share repurchases. Furthermore, despite a decline in iPhone and iPad sales, Apple reported a 14% increase in revenue from its services business. The company credited Maestri for enabling essential investments and implementing robust financial discipline, which contributed to doubling its revenue and achieving significant growth in services revenue.
Leadership Transition and Apple’s Future Financial Direction
Following Maestri’s departure, Kevan Parekh, Apple’s vice president of financial planning and analysis, will assume the CFO position. 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 CEO Tim Cook praised Maestri’s contributions, highlighting his role in driving the company’s financial performance, engaging with shareholders, and instilling financial discipline at Apple. Additionally, Apple recently announced organizational changes in its App Store division, with vice president Matt Fischer stepping down after over a decade in the role.
Luca Maestri’s impending departure from the CFO role signifies a significant transition in Apple’s financial leadership. As the company continues to navigate the ever-evolving tech landscape and drive innovation across its product and services offerings, the appointment of Kevan Parekh reflects Apple’s commitment to maintaining strong financial management and strategic decision-making. The changes in Apple’s executive team indicate a new chapter for the company as it adapts to meet the challenges and opportunities of the digital era.