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Apple announced on August 26, 2024, that Luca Maestri would transition out of the chief financial officer role, with Kevan Parekh named as his successor. The change took effect on January 1, 2025. Maestri did not leave Apple; he became vice president of Corporate Services, while Parekh became Apple’s senior vice president and CFO.
What Apple announced
Apple described the change as a planned succession rather than an abrupt resignation, dismissal, or emergency replacement. In its August 26, 2024 announcement, the company said Parekh would succeed Maestri as CFO effective January 1, 2025.
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That transition is now complete. A subsequent SEC filing confirmed that Apple’s board appointed Parekh senior vice president and CFO on that date.
| Question | Answer |
|---|---|
| Who replaced Luca Maestri as Apple CFO? | Kevan Parekh |
| When was the change announced? | August 26, 2024 |
| When did Parekh become CFO? | January 1, 2025 |
| Did Maestri leave Apple? | No. He moved into a Corporate Services leadership role. |
Who is Kevan Parekh?
Parekh had worked at Apple for 11 years when the succession was announced. Before becoming CFO, he was vice president of Financial Planning and Analysis. His responsibilities included general and administrative and benefits finance, investor relations, and market research.
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He had also led finance teams supporting Apple’s Worldwide Sales, Retail, Marketing, Product Marketing, Internet Sales and Services, and Engineering organizations. Before joining Apple, Parekh held senior leadership positions at Thomson Reuters and General Motors.
His academic background includes a bachelor’s degree in electrical engineering from the University of Michigan and an MBA from the University of Chicago, according to Apple.
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Apple’s current leadership profile says Parekh oversees accounting, business support, financial planning and analysis, treasury, investor relations, internal audit, and tax.
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What happened to Luca Maestri?
Maestri transitioned from the CFO position but remained an Apple executive. He became vice president of Corporate Services, reporting to CEO Tim Cook. His responsibilities include information systems and technology, information security, and real estate and development.
Apple’s current leadership information lists Maestri in that Corporate Services role. The company’s formal 2024 SEC disclosure also recorded that he would continue leading those teams.
Apple credited Maestri with helping improve the company’s financial performance, strengthen shareholder engagement, and maintain financial discipline during his roughly decade-long tenure as CFO. Apple also said that, during his tenure, the company more than doubled revenue and services revenue grew more than fivefold. Those are Apple’s characterizations of the period and should not be read as proof that Maestri alone caused those results.
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Why Apple chose an internal successor
Apple emphasized Parekh’s long experience inside the company and his familiarity with its operations. That makes the appointment appear continuity-oriented: Parekh came from the finance organization Maestri had helped lead and already had experience across several major Apple businesses.
However, the available official sources do not establish that Apple selected Parekh to change its capital-allocation policy, margins, services strategy, tax approach, or investor-relations practices. An internal succession can support continuity, but it does not guarantee that the new CFO will make identical decisions.
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What investors should watch
The CFO transition alone does not prove that Apple’s financial strategy has changed. Investors evaluating Parekh’s tenure can focus on dated company disclosures and earnings communications, including:
- Capital returns, including share repurchases and dividends.
- Gross-margin and operating-margin commentary.
- Services growth, profitability, and revenue mix.
- China and other international-market performance.
- The effects of tariffs, supply-chain conditions, taxes, and foreign exchange.
- Changes in investor-relations communication or finance leadership.
- Developments involving Maestri’s Corporate Services responsibilities, particularly technology, security, and real estate operations.
These are areas to monitor, not evidence that a change has already occurred.
Timeline
- August 26, 2024: Apple announces a planned CFO succession and names Kevan Parekh as Luca Maestri’s successor.
- January 1, 2025: Parekh officially becomes Apple’s senior vice president and CFO. Maestri transitions to vice president of Corporate Services.
- 2026: Apple’s proxy materials identify Parekh as CFO and Maestri as a former CFO.
The 2026 proxy filing provides a later formal record of the leadership change.
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What changed—and what did not
| Changed | Did not change |
|---|---|
| Parekh became Apple CFO on January 1, 2025. | Maestri remained with Apple. |
| Maestri stopped serving as CFO. | The transition was announced as planned succession. |
| Parekh joined Apple’s executive leadership as CFO. | Official sources do not establish a major strategic reset. |
Bottom line
Kevan Parekh is the Apple executive who succeeded Luca Maestri as CFO. Apple announced the move on August 26, 2024, and it became effective January 1, 2025. Maestri did not retire or leave Apple as part of the change; he continued as vice president of Corporate Services.
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