Apple formally transfers Luca Maestri's responsibilities and announces his departure as the financial officer.

Apple announced last year that Luca Maestri, the company's Chief Financial Officer (CFO), was moving on to a new role in 2025. As an example, the company issued a report to its investors, officially announcing the transition of Maestri from CFO.

Luca Maistri, Apple's CFO, will take over the job.

The company posted an 8-K filing on Friday, which is used to inform stockholders about significant events that may affect their holdings. This filing confirms a change in the financial responsibility role.

As part of Apple's overall transition plan for its entire financial leadership, the company's board appointed Kevan Parekh, at 53 years old, as Vice President and CFO from January 1, 2025 onwards. Parekh will succeed Luca Maestri in this position.

Luca Maestri was appointed Apple's CFO in 2014, during which time the company experienced tremendous growth. Apple's new CFO is Kevan Parekh. He has been with the company for 11 years and currently leads financial planning and analysis, general management and insurance finance, investor relations, and market research.

Kevan Parekh joined Apple in June 2013 and took up his current position from January 2025 onwards. Before joining Apple, he held various important leadership roles such as Vice President of Financial Planning and Analysis and Vice President of Sales, Marketing, and Retail Finance departments at Thomson Reuters and General Motors. Prior to joining Apple, he held several major leadership positions at Thomson Reuters and General Motors.

iPhone's salary will increase from $1 million per year starting January 1, 2025, under Parekh's management, and he will now be eligible to participate in the Apple Inc. _executive Cash Incentive Plan for the 2025 financial year.

In his final meeting with investors in October, Apple CEO Tim Cook praised Maestri. Cook said that he was "deeply grateful" for Maestri's special work that had changed Apple as we know it today. Maestri expressed gratitude for Cook's kind words and stated that working as Apple's finance officer is "truly respected and a great journey."

I am deeply grateful to our investors and analyst community for their support over the past few years. Kevin is artistic, and you will enjoy working with him in the future.

Maestri plans to lead teams in corporate service departments such as information systems and technology, information security, real estate, and development.

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