Apple CFO Luca Maestri will step down on Jan. 1, 2025, but remain leader of the company's corporate services group, which includes information systems and technology, information security and real estate and development.
Kevan Parekh, vice president of financial planning and analysis at Apple, will become CFO.
Both Maestri and Parekh will report to CEO Tim Cook. With Maestri as CFO, Apple more than doubled revenue and grew the services business by more than 5x.
In a statement, Cook said Maestri has been "instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple." Cook added that Parekh "understands the company inside and out," has worked for Apple for 11 years and is ready to be CFO.
The CFO news lands as Apple announced its September 9 event where it will roll out new iPhone 16 devices and Apple Watch models.
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