Apple made headlines with the announcement that their chief financial officer, Luca Maestri, will be stepping down from his role at the beginning of next year. Despite this change, Maestri will continue to contribute to the company by leading the corporate services team, overseeing crucial areas such as information systems, technology, information security, and real estate development.
Maestri’s journey with Apple began in 2013, following his tenure as CFO of Xerox. Quickly ascending to the role of CFO at Apple in just a year, Maestri took over from Peter Oppenheimer. During his time as CFO, Apple saw significant growth, with annual revenue jumping from $183 billion to $383 billion. Additionally, under Maestri’s guidance, Apple expanded its share repurchase program to a whopping $90 billion.
In a bold move this spring, Apple further increased its share repurchase program to $110 billion, surpassing its previous record. Despite a slight decline in iPhone and iPad sales, Apple reported a 14% increase in revenue from its services business. The company attributed this success to Maestri’s strategic investments and financial discipline, which played a pivotal role in doubling Apple’s revenue and achieving substantial growth in services revenue.
To fill the void left by Maestri, Apple appointed Kevan Parekh, who brings 11 years of experience at Apple, as the new head of financial management. Parekh’s background includes senior leadership roles at Thomson Reuters and General Motors, making him a valuable addition to Apple’s leadership team.
Apple CEO Tim Cook praised Maestri’s contributions, commending his role in enhancing the company’s financial performance, engaging with shareholders, and instilling financial discipline across all aspects of Apple’s operations. Cook expressed confidence in Parekh’s ability to continue Apple’s financial success in his new role.
In addition to these changes, Apple recently announced a restructuring of its App Store division, with vice president Matt Fischer departing after more than a decade in the role. This move signifies Apple’s commitment to evolving and optimizing its business operations for continued success in the dynamic tech industry.
