# Luca Maestri Resigns as Apple’s CFO: A New Chapter Unfolds
Apple Inc. has announced the forthcoming change in its Chief Financial Officer (CFO) position, with Luca Maestri, who has served since 2014, stepping down. Following a previously disclosed plan, Maestri will resign from his role on January 1, 2025, with Kevin Parekh poised to assume the position. This shift signifies a pivotal moment in Apple’s leadership, as Maestri has significantly influenced the company’s financial direction and expansion over the last decade.
## The Transition Announcement
On Friday, Apple submitted a Form 8-K to the U.S. Securities and Exchange Commission (SEC), which serves to notify investors about key corporate developments. The filing verified the selection of Kevin Parekh, who has been with Apple for more than 11 years, as the incoming CFO. The announcement elaborated, “In line with Apple Inc.’s previously laid out Chief Financial Officer transition strategy, Apple’s Board of Directors appointed Kevan Parekh, 53, as Apple’s Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh replaces Luca Maestri in the CFO role.”
## Luca Maestri’s Legacy
Luca Maestri became Apple’s CFO in 2014, a time characterized by remarkable growth and innovation for the company. Under his financial guidance, Apple recorded unprecedented revenues and significantly broadened its product portfolio. Maestri’s leadership emphasized strategic investments and operational effectiveness, which have played a crucial role in establishing Apple as one of the world’s most valuable companies.
In his farewell comments, Apple CEO Tim Cook conveyed profound appreciation for Maestri’s impact, stating, “I am incredibly thankful for Luca’s outstanding efforts in shaping Apple into what it is today.” Maestri expressed gratitude for the backing he received from investors and analysts, highlighting the honor of serving as CFO during such a pivotal time in the company’s evolution.
## Kevin Parekh: The New CFO
Kevin Parekh, who will take over from Maestri, has been with Apple since June 2013 and has occupied various senior leadership positions, including Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. His vast experience within the organization equips him well to drive Apple’s financial strategy in the future.
In his new position, Parekh’s salary will be set at $1 million, and he will have the opportunity to participate in the Apple Inc. Executive Cash Incentive Plan for the fiscal year 2025. His appointment demonstrates Apple’s dedication to ensuring continuity and stability in its financial leadership.
## Looking Ahead
While Maestri will exit the CFO role, he will continue to oversee Apple’s Corporate Services teams, which cover information systems and technology, information security, and real estate and development. This transition enables Maestri to stay a vital part of Apple’s operations while letting Parekh infuse his insights into the CFO role.
The transition of CFOs is a critical moment for any enterprise, and for Apple, it heralds a new chapter in financial leadership. With Parekh at the forefront, stakeholders will closely watch how he guides the company through an ever-changing tech landscape.
In summary, as Apple gears up for this leadership shift, the organization’s commitment to innovation and excellence remains unwavering. The transition from Luca Maestri to Kevin Parekh is not merely a personnel change; it signifies the ongoing progression of a company that continually shapes the future of technology.
