Apple CFO Luca Maestri to Step Down, Kevan Parekh Named Successor

Apple Inc. announced today that Chief Financial Officer (CFO) Luca Maestri will step down from his role at the end of the year, handing the reins to Kevan Parekh, Apple’s top financial deputy. Parekh, who has been with Apple for 11 years, will officially take over as CFO on January 1, 2025, in what the company described as a “planned succession.”

Maestri, 60, who has served as CFO since 2014, will transition to a reduced role within the company. He will continue to oversee Apple’s information technology and real estate functions while reporting directly to Chief Executive Officer Tim Cook. Known for his steady stewardship during a transformative era for Apple, Maestri’s tenure saw the company expand significantly into services, which now account for a substantial portion of its revenue growth.

Parekh, 52, has been a key member of Apple’s finance team, managing financial planning, investor relations, and market research functions. His experience and deep understanding of the company make him a fitting successor, according to Cook. “Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Cook said in a statement. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”

The transition comes as part of a broader pattern of management changes at Apple. Maestri’s move to a smaller role mirrors recent transitions within the company, such as Phil Schiller’s shift to a focused role in the App Store and Dan Riccio’s continued oversight of the Vision Pro headset after stepping down as head of hardware engineering.

Bloomberg Intelligence analysts Anurag Rana and Andrew Girard suggest that the CFO transition is likely to be smooth, describing it as a “normal management-planning move.” Maestri’s ongoing involvement and Parekh’s readiness are expected to ensure continuity.

The leadership changes at Apple also highlight the aging executive team, many of whom are around 60 years old and have been with the company for decades. This shift in the CFO role follows a recent reorganization, including the departure of Matt Fischer, vice president in charge of the App Store, who is being replaced by two deputies.

As Apple navigates these transitions, Cook’s statement underscores the confidence in Parekh’s abilities and the continued value of Maestri’s expertise, ensuring a steady hand as the company moves forward.