Apple has announced that Luca Maestri, its long-serving Chief Financial Officer, will step down from his role on January 1, 2025.
In a planned succession, Kevan Parekh, currently Vice President of Financial Planning and Analysis, will assume the CFO position and join Apple’s executive leadership team. Despite stepping down as CFO, Maestri will continue to lead the Corporate Services teams, reporting directly to CEO Tim Cook.
Maestri’s tenure at Apple, beginning in 2013, has been marked by transformative achievements.
Under his leadership, Apple more than doubled its revenue, with services revenue growing fivefold. Maestri played a pivotal role in solidifying Apple’s identity as a Services company, contributing to its higher valuation multiple, strong operational discipline, and consistent execution of financial targets, which collectively led to significant shareholder returns.
The announcement has generated mixed reactions among analysts. JPMorgan analysts noted that while investors might be "mildly disappointed" by Maestri’s departure, they expect continuity under Parekh, who has worked closely with both Tim Cook and Maestri. The analysts emphasized that investors will likely hope for a seamless transition, maintaining the "just right" approach to guidance and target-setting that allowed for consistent execution and upside surprises.
Bank of America analysts offered a forward-looking perspective, suggesting that Apple will continue its focus on achieving net cash neutrality under Parekh, a goal initiated by Maestri through strategic buybacks and dividend increases.
The analysts also anticipate continued investments in artificial intelligence, Apple’s proprietary silicon, and the vertical integration of iPhone components. They expect Apple to expand its range of services, particularly in GenAI apps, and possibly introduce a foldable iPhone in the near future, alongside other hardware innovations aimed at enhancing AI-driven features.
Overall, while Maestri’s departure marks the end of an era, the strategic vision and disciplined financial practices he championed are expected to persist under Parekh, ensuring Apple’s continued growth and innovation in a highly competitive market.