Apple to replace CFO Luca Maestri with new finance chief on January 1st.

• Apple announced on Monday that it will replace its Chief Financial Officer, Luca Maestri, with Kevin Parekh, who is currently Apple's VP of Financial Planning and Analysis, on January 1st.
• Apple announced that Maestri will continue to lead teams in IT, security, and real estate development.

Apple announced on Monday that it will replace its Chief Financial Officer, Luca Maestri, with current Apple insider Kevan Parekh, starting from January 1st.

Apple CFO Maestri will continue to lead teams in IT, security, and real estate development, the company announced. He has been Apple's CFO since 2014.

As the company's VP of Financial Planning and Analysis, Parekh had been a top Maestri lieutenant and is now set to become the incoming CFO.

Apple CEO Tim Cook stated that Kevan, who has been a vital member of Apple's finance leadership team for over a decade, is the ideal candidate to be the company's next CFO due to his exceptional intellect, sound judgment, and financial expertise.

Since Maestri became Apple CFO in 2014, the stock has experienced a significant increase of over 800%.

During his tenure as finance chief, Apple's annual sales and net income more than doubled, and its gross margin expanded.

Apple's record-breaking capital return program was overseen by Maestri, who also joined Cook on quarterly earnings calls.

Maestri, 60, began his career with General Motors and spent two decades at the automaker, helping to establish its operations in the Asia Pacific region. He then served as CFO at Nokia Siemens and Xerox before joining Apple as corporate controller in 2013. He was promoted to CFO the following year.

Parekh, who previously worked at Thomson Reuters for four years, joined Apple in finance and product marketing in 2013. Like Maestri, he had prior experience at GM, specifically in overseas operations.