Apple CFO Luca Maestri Steps Down from Role

Apple CFO Luca Maestri Steps Down from Role

Luca Maestri, the chief financial officer of Apple, has announced that he will be stepping down from his role at the beginning of next year. Despite leaving his position as CFO, Maestri will still be an integral part of the company, leading the corporate services team in various functions such as information systems and technology, information security, and real estate and development. Maestri joined Apple in 2013 after previously serving as the CFO of Xerox. One year after joining Apple, Maestri took on the role of CFO, succeeding Peter Oppenheimer.

When Luca Maestri assumed the role of CFO at Apple, the company’s annual revenue was $183 billion. However, under his leadership, Apple experienced significant growth, with revenue reaching $383 billion last year. Maestri oversaw an expansion of Apple’s share repurchase program to $90 billion, which was later increased to $110 billion. This surge in revenue and financial investments allowed the company to more than double its revenue, particularly within its services sector, which grew more than five times.

Following Maestri’s departure, Kevan Parekh, Apple’s vice president of financial planning and analysis, will take over as the CFO of the $3 trillion company. Parekh, who has been with Apple for 11 years, brings a wealth of experience from previous leadership positions at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri for his contributions, stating that he played a crucial role in enhancing the company’s financial performance, shareholder engagement, and overall financial discipline.

Apart from Maestri’s resignation, Apple made further changes within its corporate structure. The company recently announced the division of its App Store department, with vice president Matt Fischer stepping down from his position after more than 10 years of service. This move signifies a shift in Apple’s strategic direction and organizational dynamics, as the tech giant continues to adapt to the rapidly evolving tech landscape.

Luca Maestri’s decision to step down as Apple’s CFO marks the end of an era for the company. His leadership and financial acumen have been instrumental in driving Apple’s growth and success over the years. As Kevan Parekh takes on the role of CFO, Apple is poised to continue its trajectory of innovation and financial prosperity in the ever-changing tech industry.

Internet

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