Apple recently made headlines with the announcement that Luca Maestri, the company’s chief financial officer, will be stepping down from his role at the beginning of next year. This news has sparked speculation and interest within the tech community, as Maestri has played a significant role in Apple’s financial growth and success over the years.
Maestri joined Apple in 2013 and quickly rose to the position of CFO, replacing Peter Oppenheimer. During his time at Apple, he oversaw a period of tremendous growth, with the company’s annual revenue more than doubling from $183 billion to $383 billion. Maestri was instrumental in driving essential investments and financial discipline within Apple, leading to significant revenue growth, particularly in the services business.
Apple’s announcement of Maestri’s departure also included details of the company’s expanded share repurchase program, which Maestri was set to oversee. The initial program was set at $90 billion, but Apple later increased it to $110 billion, setting a new record for the company. Despite challenges such as declining sales of iPhones and iPads, Apple’s services revenue saw a substantial increase of 14 percent under Maestri’s leadership.
Kevan Parekh, Apple’s vice president of financial planning and analysis, will be stepping into Maestri’s shoes as CFO. Parekh, who has been with Apple for 11 years, brings a wealth of experience from his previous roles at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri for his contributions to the company’s financial performance and expressed confidence in Parekh’s ability to continue Apple’s success.
In addition to Maestri’s departure, Apple also announced restructuring within its App Store division, with vice president Matt Fischer stepping down from his role after over 10 years. These changes signal a period of transition and innovation within Apple, as the company continues to adapt to changing market conditions and consumer demands.
Luca Maestri’s departure from Apple marks the end of an era for the tech giant. His leadership and financial acumen have been crucial to Apple’s growth and success, and his successor will have big shoes to fill. As Apple navigates the evolving landscape of technology and consumer preferences, it will be interesting to see how the company continues to thrive in the post-Maestri era.
Leave a Reply