Apple is about to shake up its executive team in a big way. After the CEO, the COO and CFO tend to be the two biggest jobs at a company, and Apple is about to get a new CFO.
In a press release, the company announced that Luca Maestri, the company's Chief Financial Officer, is stepping down. Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will be taking over the role. Thankfully for Apple, Maestri isn't leaving altogether but taking on a new role as the leader of its Corporate Services team.
In a statement, Apple CEO Tim Cook said “Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company. For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO."
In a statement of his own, Maestri said “It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook. I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”
What does this mean for Apple?
Thankfully, it doesn't seem that there is much drama to be found here. According to Apple, this transition was planned and likely went through a preparation period for some time. Always have a good succession plan in place, people!
While replacing a CFO is a big deal, the thing that everyone is waiting for is for Tim Cook to announce when he plans to retire. So far, the biggest names to replace him seem to be either Craig Federighi or Jeff Williams, but in reality it could be anyone's game. The company is keeping that information more of a secret than it's products nowadays.