Apple announced that Chief Financial Officer Luca Maestri will resign early next year. He will remain with the company as head of the enterprise services team, leading “information systems and technology, information security, and real estate and development.”
Maestri joined Apple in 2013 and previously served as chief financial officer of Xerox. A year later, he succeeded Peter Oppenheimer as treasurer. CNBC pointed out that when he took over, Apple’s annual revenue was US$183 billion, which reached US$383 billion last year. Apple also announced it would expand its stock repurchase program to $90 billion, overseen by Maestri.
This spring, Apple announced it would increase the amount from $90 billion to $110 billion, breaking its own record of $100 billion. The company also reported that revenue from its services business grew 14% despite iPhone and iPad sales falling from the previous year. Apple said in a statement that “…Maestri made necessary investments and exercised strong financial discipline, which together helped the company more than double revenue and grow services revenue more than fivefold.”
Kevan Parekh, Apple’s vice president of financial planning and analysis, will succeed Maestri in managing the $3 trillion company’s finances. Parekh has been with Apple for 11 years and previously held senior leadership positions at Thomson Reuters and General Motors.
“Luca has been an outstanding partner in running Apple over the long term,” Apple CEO Tim Cook said in a press release. “He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across Apple’s operations. played an important role.”
Apple is also making changes in other areas of its business. The company announced last week that it would be spinning off its App Store division, with App Store Vice President Matt Fischer leaving the company after more than 10 years in the job.
