Apple recently made headlines with the announcement that Luca Maestri, the company’s chief financial officer, will be stepping down from his role at the beginning of next year. While Maestri will be remaining with Apple as the head of its corporate services team, overseeing key areas such as information systems and technology, information security, and real estate and development, his departure from the CFO position marks a significant change for the tech giant.
Since joining Apple in 2013 and taking on the role of CFO just one year later, Maestri has played a pivotal role in the company’s financial success. CNBC highlights that during Maestri’s tenure, Apple’s annual revenue soared from $183 billion to an impressive $383 billion last year. Additionally, Maestri oversaw the expansion of Apple’s share repurchase program to $90 billion, which was later increased to $110 billion this spring.
Despite facing challenges such as declining sales of iPhones and iPads, Apple has experienced significant growth in revenue from its services business under Maestri’s financial stewardship. The company reported a 14 percent increase in services revenue, reflecting Maestri’s strategic investments and financial discipline. Apple praised Maestri for his role in doubling the company’s revenue and growing services revenue more than fivefold.
With Maestri’s departure, Kevan Parekh, Apple’s vice president of financial planning and analysis, will be stepping into the role of CFO. Parekh, who has been with Apple for 11 years and has held senior leadership positions at reputable companies such as Thomson Reuters and General Motors, is well-positioned to continue Maestri’s legacy of financial excellence. Apple CEO Tim Cook commended Maestri for his contributions, emphasizing his role in improving financial performance, shareholder engagement, and financial discipline.
In addition to Maestri’s departure, Apple recently announced a reorganization of its App Store division, with vice president Matt Fischer leaving the role after over a decade. These changes reflect Apple’s ongoing efforts to adapt to the evolving tech landscape and position itself for continued success in the competitive industry.
Luca Maestri’s resignation as Apple’s CFO marks the end of a chapter in the tech giant’s financial leadership. While his departure brings about significant changes, Apple is poised to continue its growth trajectory under the guidance of Kevan Parekh and its dynamic leadership team. As the company navigates new challenges and opportunities, it remains committed to innovation, financial excellence, and delivering value to its customers worldwide.
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