Apple CFO Luca Maestri Stepping Down

[MacRumors]

Apple's Chief Financial Officer Luca Maestri is stepping down from his role on January 1, 2025, Apple announced today. Maestri is not leaving the company and will lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, where he will continue to report to Apple CEO Tim Cook.

Apple Vice President of Financial Planning and Analysis Kevan Parekh will take over as Chief Financial Officer, joining Apple's executive team. In a statement, Apple CEO Tim Cook said that Maestri has been an "instrumental" part of improving Apple's financial performance.

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 also said that Parekh has been an "indispensable" member of Apple's finance team for the last decade, and he "understands the company inside and out."

Maestri has been Apple's CFO for over a decade, taking on the role in May 2014. There is no word on why Maestri has decided to step down as CFO, but in a statement he said that he is looking forward to his next period at Apple.

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. 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.

Parekh has worked at Apple for 11 years and leads Apple's financial planning and analysis, investor relations, market research, and G&A and benefits finance teams. Prior to working at Apple, he worked at Thomson Reuters and General Motors. He will take over for Maestri on earnings calls and similar events on January 1, 2025.

Article Link: Apple CFO Luca Maestri Stepping Down

 

[I7guy]

Good luck in your next role.

 

[Dulcimer]

is now an appropriate time to speculate about financial fraud?

 

[SeaFox]

Maestri has been Apple's CEO for over a decade, taking on the role in May 2014.

Did someone tell Tim?

 

[neutrino17]

Fraud? Luca always seemed like a capable, hones person.

 

[sw1tcher]

... Maestri has been an "instrumental" part of improving Apple's financial performance.

Maestri has been Apple's CEO for over a decade, taking on the role in May 2014.

Ah, so Luca Maestri is the one to blame for Apple's greed, not Tim Cook. Maestri's the one in charge.

 

[FineWoven]

Did someone tell Tim?

Ahh you beat me to it haha

 

[ghanwani]

This is not significant news. The only significant news when it comes to the Apple executive team would be if Tim Cook were to step down. Other than that Apple is a financial engineering company and no one understands numbers better than Tim Cook.

I'm convinced that if they have to turn around product design, they have to bring back Ive.

Aside from that, it will be business as usual.

 

[anshuvorty]

Maestri doesn't want to have to deal with the EU/upcoming anti-trust stuff that will surely hit Apple come next year....he is moving on while he can...

 

[btrach144]

is now an appropriate time to speculate about financial fraud?

wut? He's staying at Apple and still reporting to Tim.

If he had committed fraud, Apple would be getting as far away as possible.

Only speculate if you have proof. Simply throwing random accusations out there is damaging to a person's reputation.

 

[DocMultimedia]

This is not significant news. The only significant news when it comes to the Apple executive team would be if Tim Cook were to step down. Other than that Apple is a financial engineering company and no one understands numbers better than Tim Cook.

I'm convinced that if they have to turn around product design, they have to bring back Ive.

Aside from that, it will be business as usual.

It's more significant than a sale of AirPods at Amazon. IMO. I'll actually miss his voice on the quarterly earnings calls. Guess I'll now find out about the voice of the next guy.

 

[entropys]

Interesting how that stepping back to a lower level position as a way of transitioning to retirement is becoming increasingly common. I did it myself this year. And can’t believe the difference.

 

[jz0309]

seems a typical step towards retirement - good luck

 

[AltecX]

This is not significant news. The only significant news when it comes to the Apple executive team would be if Tim Cook were to step down. Other than that Apple is a financial engineering company and no one understands numbers better than Tim Cook.

I'm convinced that if they have to turn around product design, they have to bring back Ive.

Aside from that, it will be business as usual.

The best macs they have made since Jobs passed been AFTER Ive left. The whole "thin at all costs" was making their devices useless in professional settings. I dont care how pretty a device is if I need 40 dongles. I'd easily pay an extra $250 to NOT have to carry and buy dongles.

 

[anshuvorty]

The best macs they have made since Jobs passed been AFTER Ive left. The whole "thin at all costs" was making their devices useless in professional settings. I dont care how pretty a device is if I need 40 dongles. I'd easily pay an extra $250 to NOT have to carry and buy dongles.

As a Sys Admin, I totally agree. As a sys admin who has to use USB Flash Drives frequently, it is a soooooo annoying that I have to carry around a USB-A to USB-C adapter. Doesn't Apple have to use flash drives on their laptops? In their next redesign on their laptops, they should include a USB-A port...c'mon!

 

[CatalinApple]

Maybe he is planning on returning to Italy after his retirement. He holds dual citizenship, Italian and United States citizenship. He is born on 14 October 1963.

 

[The_Gream]

I am pretty sure this is the guy a few years ago that said (and I paraphrase) “we had the same issues as everyone else, yet our fantastic management team still drove the company to YoY growth.”

 

[coachgq]

As a Sys Admin, I totally agree. As a sys admin who has to use USB Flash Drives frequently, it is a soooooo annoying that I have to carry around a USB-A to USB-C adapter. Doesn't Apple have to use flash drives on their laptops? In their next redesign on their laptops, they should include a USB-A port...c'mon!

Can you not carry usb-c flash drives? I don’t do your kind of work so I’m really asking.

 

[ThailandToo]

Now can the board please tell Tim
it’s time!!!

 

[citysnaps]

is now an appropriate time to speculate about financial fraud?

Why would it be? Do you have credible inside information to share?

 

[citysnaps]

Did someone tell Tim?

What would someone tell Mr. Cook?

 

[timborama]

is now an appropriate time to speculate about financial fraud?

You want to stick with that accusation? You could be opening yourself for defamation, slander, etc.

 

[HMI]

Ohhh, the fun of rumors.

 

[Zeke92]

As a Sys Admin, I totally agree. As a sys admin who has to use USB Flash Drives frequently, it is a soooooo annoying that I have to carry around a USB-A to USB-C adapter. Doesn't Apple have to use flash drives on their laptops? In their next redesign on their laptops, they should include a USB-A port...c'mon!

Wait is this sarcasm? They absolutely should not include a USB-A port. Buy USB C USB drives! Putting USB A on devices will delay the adoption of USB C. It’s a nuisance

 

[peneaux]

Only speculate if you have proof. Simply throwing random accusations out there is damaging to a person's reputation.

He should do like fake news:
“Anonymous sources”, “somebody close to…”, “according to experts”…