Apple has recently announced that Luca Maestri, the chief financial officer, will be stepping down from his role at the start of the next year. Maestri, who has been with Apple since 2013, played a crucial role in the company’s financial success. He took over as CFO in 2014 when Apple’s annual revenue was $183 billion, and under his leadership, it soared to $383 billion last year.
Aside from Maestri’s accomplishments, Apple also revealed an expansion to its share repurchase program, reaching $90 billion under his oversight. This spring, the company decided to increase the amount to $110 billion, breaking its previous record. Additionally, Apple reported a 14 percent increase in revenue from its services business, despite a slight decline in iPhone and iPad sales from the previous year.
With Luca Maestri stepping down, Kevan Parekh will be taking over as the new vice president of financial planning and analysis at Apple, which is now a $3 trillion company. Parekh, who has been with Apple for 11 years, comes with a strong background having worked in senior leadership roles at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri for his contributions to the company’s financial performance, shareholder engagement, and overall financial discipline.
In addition to the changes in the financial leadership, Apple also announced the restructuring of its App Store division. Matt Fischer, the vice president of the App Store, will be leaving his role after over 10 years. This move is part of Apple’s larger strategy to shake up various areas of its business and adapt to the evolving market demands.
Overall, Apple’s recent announcements regarding changes in its leadership team and business divisions reflect the company’s commitment to innovation and adaptation. Luca Maestri’s departure marks the end of an era, but Apple seems well-prepared with Kevan Parekh stepping in to continue the company’s financial success. The reorganization of the App Store division also signals Apple’s willingness to evolve and stay competitive in the fast-paced tech industry.
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