Apple announced that CFO Luca Maestri will resign He left his post early next year. He will remain with the company as head of the corporate services team, responsible for “information systems and technology, information security, and real estate and development.”
Maestri joined Apple in 2013 after serving as CFO at Xerox. He became CFO just a year later, replacing Peter Oppenheimer. CNBC Notes When he took over, Apple's annual revenue was $183 billion and last year it reached $383 billion. Apple also announced an expansion of its stock buyback program to $90 billion, which Maestri would oversee.
This spring, Apple announced it would increase the amount from $90 billion to $110 billion, breaking his own record of $100 billion. It also reported revenue from its services business rose 14 percent, even as sales of iPhones and iPads fell from the previous year. In Apple’s announcement, it said: “…Maestri enabled essential investments and practiced strong financial discipline, which together helped the company more than double its revenue, with services revenue growing more than fivefold.”
Kevan Parekh, Apple's vice president of financial planning and analysis, will take over Maestri's role and oversee the company's finances, which are now worth $3 trillion. Parekh has been with Apple for 11 years and previously held senior management positions at Thomson Reuters and General Motors.
“Luca has been an extraordinary partner in Apple’s long-term management,” Apple CEO Tim Cook said in the press release. “He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across all areas of Apple.”
Apple is also restructuring other areas of its business. Last week it announced that it will split up its App Store division, with App Store vice president Matt Fischer stepping down after more than 10 years.
