Last year, Apple announced that CFO Luca Maestri would transition to a new role in 2025. Consistent with their earlier communication, the company has now released an official investor report regarding Maestri’s change in position.
Luca Maestri stepping down as Apple’s CFO
The company issued a Form 8-K on Friday, a notification tool for U.S. investors about significant corporate events, confirming the CFO transition.
“As part of Apple Inc.’s (“Apple’s”) previously communicated Chief Financial Officer transition plan, Apple’s Board of Directors has appointed Kevan Parekh, 53, as the Senior Vice President and Chief Financial Officer, effective January 1, 2025. Mr. Parekh will succeed Luca Maestri in this role,” the document states.
Luca Maestri has served as Apple’s CFO since 2014, overseeing a remarkable period of growth for the company. Kevin Parekh, the new CFO, has been with Apple for 11 years and currently manages Financial Planning and Analysis, General & Administrative and Benefits Finance, Investor Relations, and Market Research.
“Mr. Parekh joined Apple in June 2013 and took on his current role in January 2025. He has previously served as Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. Before joining Apple, Mr. Parekh held several senior leadership positions at Thomson Reuters and General Motors,” the company explained.
According to Apple, Parekh’s salary has been set at $1 million starting January 1, 2025, and he will now be eligible to join the Apple Inc. Executive Cash Incentive Plan for the fiscal year 2025.
In October, during his final call with investors as CFO, Apple CEO Tim Cook expressed his gratitude towards Maestri for his “exceptional work in shaping Apple as we know it today.” In reply, Luca Maestri acknowledged Cook’s “kind words,” stating that being Apple’s CFO was a “real privilege and an amazing journey.”
I have sincerely valued the support from our investors and the analyst community over the years. Kevin is outstanding, and I am confident you will enjoy engaging with him in the future.
Maestri will continue to oversee the Corporate Services teams, which include information systems and technology, information security, real estate, and development.
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