Apple CFO shakeup: Kevan Parekh replacing Luca Maestri

AppleInsider

Luca Maestri has served as Apple's CFO for over a decade, but he's stepping down and being replaced by Kevan Parekh, Apple's current VP of Financial Planning and Analysis.


Apple Park

Kevan Parekh has spent 11 years at Apple and leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. He was previously in charge of Worldwide Sales, Retail, and Marketing finance and got his start in marketing.

Apple shared that Parekh will take over as CFO on January 1, 2025, as Luca Maestri transitions from the role. Maestri will remain involved in Apple as lead of the Corporate Services teams and report directly to CEO Tim Cook.

"Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We're fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company," Cook shared in a statement. "For more than a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple's next CFO."

Luca Maestri and Tim Cook have been heard celebrating quarter after quarter of success over the past decade on earnings calls. His leadership has no doubt played a part in doubling Apple's revenue and growing services by five times during his tenure.

"It is the greatest privilege of my professional life to serve the world's most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook," said Maestri. "I'm looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role."

Since the transition won't occur until January 2025, there will be at least one more earnings call with Maestri after the announcement of the iPhone 16. The earnings call will likely take place in early November.



Read on AppleInsider

thrang

A CNBC article notes that he’s staying on, heading IT, real estate development, and security initiatives for Apple.

avon b7

He was a perfect fit for the job. Good to see him staying on and taking on new challenges.

I remember Fred Anderson, who I also thought did a great job. 

mattinoz

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

macxpress

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

Yeah but words like "Shake up" get clicks and headlines so it's just another example of using words for clicks in today's journalism. 

ssfe11

Wow what a “glowing” endorsement from Tim Cook. Financial brilliance and knows Apple inside and out and perfect choice for CFO

gatorguy

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

You don’t take a demotion from CFO so that you can "focus".  

As another Apple fan site puts it, this is a replay of the announcement trickery used with Jony Ive's departure. "Nothing to see here". There's zero evidence Ive did anything more for Apple afterwards, despite Tim Cook implying they would still be working together on special projects. But it made everyone feel better about him taking a step back, which in truth was a step out.

IMO the same will happen with Maestri. In a few months he'll be quietly missing-in-action. Sometime later on, at least a year and probably more, Apple will make it official, but not until everyone who matters on the outside is comfortable with the new guy. 

It's no biggie, he's leaving Apple. It happens.  But ya' gotta make those stockholders less uncomfortable by using the inference he'll still be there, ready to step in wherever and whenever needed. 

dewme

gatorguy said:

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

You don’t take a demotion from CFO so that you can "focus".  

As another Apple fan site puts it, this is a replay of the announcement trickery used with Jony Ive's departure. "Nothing to see here". There's zero evidence he did anything more for Apple afterwards, despite Tim Cook implying they would still be working together on special projects. But it made everyone feel better about him taking a step back, which in truth was a step out.

IMO the same will happen with Maestri. In a few months he'll be quietly missing-in-action. Sometime later on, at least a year and probably more, Apple will make it official, but not until everyone who matters on the outside is comfortable with the new guy. 

It's no biggie, he's leaving Apple. It happens.  But ya' gotta make those stockholders less uncomfortable by using the inference he'll still be there, ready to step in wherever and whenever needed. 

I’m not sure about the demotion part but I totally agree on the “it happens” thing. It’s not like Tim Cook was birthed at Apple, he came from somewhere else. Labeling this as a “shakeup” is typical journalistic overreach. However, any senior level executive changes, especially at the CFO level, the financial core of a huge business, is always going to make the market a bit skittish. The fact that he’s transitioning in a very orderly and amicable fashion should calm most people’s nerves. Where he ends up doesn’t matter to me at all. At some point most people see an upcoming off-ramp and decide that it’s the one for them to take. 

gatorguy

dewme said:

gatorguy said:

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

You don’t take a demotion from CFO so that you can "focus".  

As another Apple fan site puts it, this is a replay of the announcement trickery used with Jony Ive's departure. "Nothing to see here". There's zero evidence he did anything more for Apple afterwards, despite Tim Cook implying they would still be working together on special projects. But it made everyone feel better about him taking a step back, which in truth was a step out.

IMO the same will happen with Maestri. In a few months he'll be quietly missing-in-action. Sometime later on, at least a year and probably more, Apple will make it official, but not until everyone who matters on the outside is comfortable with the new guy. 

It's no biggie, he's leaving Apple. It happens.  But ya' gotta make those stockholders less uncomfortable by using the inference he'll still be there, ready to step in wherever and whenever needed. 

I’m not sure about the demotion part but I totally agree on the “it happens” thing.

Oh, I don't believe he's being demoted at all. He's resigning, but without him or Apple directly saying so. Now if he were really staying but relegated to doing some background 2nd or 3rd level tasks, then it would be a demotion.

tht

Apple's senior executive team is getting old. It's essentially the team that Cook built in 2012. Not to much longer now where this wave of folks from Cook's first executive leadership organization is going to retire or move on. It's been 15 years for some of these folks, all in the same position. People don't last that long doing these jobs at their ages. Basically everyone is retirement age. Maestri is 60. Cook is 63. Eddy Cue is 59. Jeff Williams is 61. Phil Schiller is 62. Greg Joswiak is 59? Even Federighi is getting close to sailing off into the sunset if he wants to at 55. Basically the faces of Apple for the past 15 years. John Giannandrea does not look that young either. Can't find his age.

So, these next 1, 2, ..., 5 years are going to have a lot of turnover with these guys. Why Schiller wants to stay on in the worst job at Apple, who knows. Would like to see some folks in their 40s.

flydog

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

No one would read an article titled Apple names new CFO.  I'm actually surprised the headline didn't say "Maestri Ousted as CFO" 

mpantone

mattinoz said:

Sorry but there is nothing in this story that suggests a “shake up”.
it reads like slight rearranging of people to value their contributions. One is given a chance to take a boarder responsibility , one given a chance to focus. Both are promotions. 

As shake up go that is like a 2.1on the Richter scale.

AppleInsider -- like other tech news sites -- writes headlines to attract the attention of readers in 2024 who have a very limited media literacy.

True journalism died twenty years ago.

Anyhow, it's more of a transition for current CFO Maestri. No one here will know the compensation of the new CFO and outgoing one will be receiving. In any case, there's a lot more than just a paycheck.

entropys

Believe it or not some people are ready to step back a bit as they get closer to retirement. Just sayin’

i have done it myself, stepped back a level. Have discovered how much I let people at my new level get away with.