Join the ranks of the informed with exclusive access to the Editor’s Digest by Roula Khalaf, Editor of the Financial Times. In this weekly newsletter, Roula handpicks her favorite stories to keep you in the loop with the latest news and analysis from around the world.
- Apple’s chief financial officer Luca Maestri is set to step down from his position at the beginning of next year, marking the end of an era that spanned over a decade as the top finance executive at the tech giant.
- Maestri’s successor, Kevan Parekh, who currently serves as Apple’s vice-president for financial planning and analysis, will be taking over the reins, the company announced on Monday.
- Throughout his tenure at Apple, Maestri has been a key member of the company’s top leadership team and a trusted confidante of CEO Tim Cook. Despite stepping down from his role as CFO, Maestri will continue to lead Apple’s corporate services teams.
- Maestri’s departure comes at a time when Apple has seen significant growth, with its share price skyrocketing from $20 at the beginning of 2014 to over $227 today, and its market capitalization surpassing $3 trillion. The company has also amassed a substantial amount of cash reserves, despite Maestri’s previous goal of making Apple “net-cash neutral” in 2018.
- In a statement, Maestri expressed his gratitude for the opportunity to serve as Apple’s CFO, hailing it as the greatest privilege of his professional life. He also conveyed his confidence in Parekh’s ability to take on the role and steer the company forward.
As Apple navigates this period of transition in its financial leadership, many analysts believe that appointing an internal candidate like Parekh will help facilitate a smoother handover. However, the departure of a longstanding and successful executive like Maestri inevitably raises some level of uncertainty about the future direction of the company.
Moreover, Maestri’s impending exit coincides with other changes in Apple’s management, such as the recent departure of Matt Fischer, a key executive in the company’s App Store division. With the highly anticipated launch of the iPhone 16 on the horizon and the promise of new generative AI features in Apple’s upcoming devices, the tech giant is poised to usher in a new era of innovation and growth.
Stay informed, stay ahead, and unlock the Editor’s Digest for exclusive insights and analysis from the forefront of the business world.
