Last year, Apple announced that CFO Luca Maestri would transition to a new role in 2025. As promised, the company has now released a report to investors formalizing Maestri’s departure from the CFO position.
Luca Maestri resigns as Apple’s CFO
On Friday, the company issued a Form 8-K, which is utilized to inform U.S. investors about significant events impacting shareholders, confirming the CFO transition.
“In accordance with Apple Inc.’s (“Apple’s”) previously announced transition plan for the Chief Financial Officer role, Apple’s Board of Directors has appointed Kevan Parekh, 53, as Apple’s Senior Vice President and Chief Financial Officer, effective January 1, 2025. Mr. Parekh will take over the CFO responsibilities from Luca Maestri,” the document states.
Luca Maestri has served as Apple’s CFO since 2014, overseeing a remarkable period of growth for the company. Kevin Parekh, Apple’s new CFO, has been with the company for 11 years and currently manages Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.
“Mr. Parekh joined Apple in June 2013 and assumed his current role in January 2025. He has previously held the positions of Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. Before joining Apple, Mr. Parekh held senior leadership positions at Thomson Reuters and General Motors,” the company elaborates.
According to Apple, starting January 1, 2025, Parekh’s salary has been raised to $1 million, and he will be eligible for the Apple Inc. Executive Cash Incentive Plan for the fiscal year 2025.
In October, during his final call with investors as Apple’s CFO, CEO Tim Cook acknowledged Maestri, expressing his “deep gratitude” for Maestri’s “outstanding contributions in shaping Apple as we know it today.” Maestri expressed appreciation for Cook’s “kind words” and described his tenure as Apple’s CFO as a “true privilege and an extraordinary journey.”
I’ve sincerely valued the support from our investors and the analyst community over time. Kevin is exceptional, and I am confident you will enjoy collaborating with him moving forward.
Maestri will continue to oversee the Corporate Services teams, which encompass information systems and technology, information security, as well as real estate and development.
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