Apple announces a change in chief financial officer: Luca Maestri gives up his post to Kevan Parekh, but remains at the company, heading corporate services. The change comes amid significant revenue growth for the company and a restructuring of the App Store.
Reshuffles at Apple
New CFO
In 2013, Luca Maestri joined Apple, and a year later took over as CFO, replacing Peter Oppenheimer. .
According to an official statement from Apple, Luca Maestri will step down as CFO effective early 2025. However, he is not leaving the company completely - he will head the corporate services division, which includes information systems, technology, security and real estate. In his new role, Maestri will continue to report directly to CEO Tim Cook.
The successor and his experience
The new CFO will be Kevan Parekh, who currently serves as Apple's vice president of financial planning and analysis. Parekh has 11 years of experience at Apple, and before that he held senior positions at companies such as Thomson Reuters and General Motors.
Luca Maestri commented: “Working for the most innovative company in the world and collaborating with our inspiring leader, Tim Cook, has been the greatest privilege of my professional career. I look forward to the next phase of the company.” Kevan "A truly outstanding professional, dedicated to Apple and its mission, embodying the values required for this position."
Financial achievements
According to CNBC when Maestri took office, Apple's annual revenue was $183 billion. By last year, that figure had grown to an impressive $383 billion.
Tim Cook, Apple CEO, praised Maestri's contributions: "Luca has been an exceptional partner in leading Apple for a long time. He played a key role in improving the company's financial performance, collaboration with shareholders and implementing financial discipline throughout Apple."
App Store Restructuring
It is worth noting that a week earlier Apple announced the departure of Matt Fisher, head of the App Store. Amid increased scrutiny from EU regulators, a restructuring of the division has begun. Now it will be divided into two teams: one will be responsible for the main application store, and the other for alternative services.
Glossary
- Apple is an American technology company, manufacturer of personal and tablet computers, audio players, smartphones, software.
- App Store is an application store for Apple devices that allows you to purchase and download various applications.
- Tim Cook has been Apple's CEO since 2011, succeeding Steve Jobs.
- CNBC is an American television channel specializing in business news.
- EU - European Union, an economic and political union of 27 European states.
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Answers to questions
Who will be Apple's CFO in 2025?
What role will Luca Maestri perform after leaving his position as CFO?
How have Apple's financial performance changed during Luca Maestri's tenure?
What changes are happening in the App Store management?
How does Apple CEO evaluate Luca Maestri's work?
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Discussion of the topic – Change of eras: Luca Maestri steps down as Apple CFO
Apple announced that Luca Maestri will step down as CFO effective January 1, 2025. Maestri, who has been with the company since 2013, will continue to work for Apple in a different role.
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Sophia
Wow, what a change at Apple! 🍎 I wonder how this will affect the company? Luca Maestri has clearly made his mark, nearly doubling his income during his tenure.
Hans
Yes, Sophia, impressive! But I'm more interested in what will happen to the App Store. Splitting into two teams can bring fresh ideas and innovation. What do you think?
Sophia
I agree, Hans! Especially considering the pressure from the EU. Maybe this will help Apple become more flexible and open? 🤔 Although, knowing them, they are unlikely to change their policy much.
Pierre
Guys, have you noticed that Maestri remains in the company? The smart move is to retain the experienced leader, but give way to new ideas in finance. Apple has always been able to plan ahead! 👍
Olga
But it seems to me that all these changes are just window dressing. The company is huge, but only a couple of people change. What will this really change? Prices for iPhones are unlikely to fall, and this is the main thing for ordinary users.
Hans
Olga, I don’t agree. Even small changes in leadership can make a big difference. Remember how Tim Cook changed the company after Jobs. Maybe Parekh will also bring something new? 🚀
Isabella
I wonder how this will affect Apple shares? 📈 I keep an eye on them, and such news usually affects the market. Do any of you invest in the technology sector?
Pierre
Isabella, I'm investing a little. I think there may be a little turbulence in the short term, but Apple is a stable company. But changes to the App Store may be more significant for the long term. We'll keep an eye on it! 👀