Management Change at Apple: Luca Maestri Steps Down

Apple has officially announced that the company’s Chief Financial Officer (CFO) Luca Maestri will be leaving his position early next year. Maestri began his career at Apple in 2013 as part of the corporate services team and took over as CFO in 2014 from Peter Oppenheimer. Maestri, who has made significant changes to the company’s financial structure, will continue to lead in areas such as information systems, information security, real estate, and development in the upcoming period.

When he joined Apple, the company’s annual revenue was around 183 billion dollars. However, under Maestri’s leadership, this figure rose to 383 billion dollars in 2022. According to CNBC, it was also announced that the share buyback program under Maestri’s responsibility will be increased to 90 billion dollars. Last spring, Apple had announced an increase in the size of its share buyback program from 90 billion dollars to 110 billion dollars.

Moreover, despite a decline in iPhone and iPad sales compared to the previous year, Apple recorded a 14% increase in service revenues. In a statement made by the company, Maestri’s influence on investments and financial discipline was praised; his role in revenue growth was emphasized.

Apple’s New CFO and Other Management Changes

Apple’s new CFO has also been revealed. The company’s vice president of financial planning and analysis, Kevan Parekh, will take over Maestri’s position to handle the financial affairs of the 3 trillion dollar giant. Parekh has been with Apple for 11 years and previously held senior executive positions at prestigious firms such as Thomson Reuters and General Motors.

Apple is making significant changes not only in the finance department but also in other areas. For example, last week, the App Store division was split in two, and the App Store vice president Matt Fischer left his position after more than 10 years in the role.