Apple’s longtime CFO Luca Maestri will step down at the end of the year, handing the role to his senior vice president Kevan Barrick after more than a decade.
Parikh, 52, will take over as CFO on Jan. 1, in what Apple called a “planned succession.” The company said Monday that Maestri, who has been CFO since 2014, will remain at Apple in a junior role and will continue to oversee the IT and real estate functions.
Maestri, 60, has been in charge of Apple’s finances in the post-Steve Jobs era and has been a familiar voice on the company’s conference calls. Under his tenure, Apple has become more than just a services provider, which has been responsible for most of its revenue growth. The Italian-born executive will continue to report to CEO Tim Cook in his new role.
On the other hand, Barrick will replace Maestri on Apple’s executive team and will also report to Cook.
“Kevin has been an indispensable member of Apple’s financial leadership team and understands the company inside and out,” Cook said in a statement. “His sharp intellect, wise judgment, and financial acumen make him the perfect choice to be Apple’s next CFO.”
Barrick has been at Apple for 11 years and joined the company around the same time as Maestri. He currently oversees financial planning, investor relations and market research functions. He took on more responsibility late last year, when Maestri’s other deputy, Saori Kise, stepped down. She joined later. Sonos Inc. as its Chief Financial Officer.
Maestri has been grooming Barrick to take over as CFO for the past few months, Bloomberg News reported. Reported In May, Apple was preparing to name Parikh as its new chief financial officer. Parikh has increasingly been attending private meetings with Apple’s financial analysts and partners. Maestri said Monday he has “tremendous confidence” in his successor.
Apple shares fell about 1.7% in late trading, but have recovered most of the ground. The transition is likely to be smooth, according to Bloomberg Intelligence analysts Anurag Rana and Andrew Gerrard. The change “seems to us to be part of a normal management planning move,” they said in a note.
Maestri’s move to a more junior role at the company follows a recent pattern of executives there. When Phil Schiller stepped down as chief marketing officer in 2020, he decided to stay at Apple and now leads a smaller portfolio that includes the App Store. Dan Riccio, head of hardware engineering until 2021, has left the company’s leadership team but is still overseeing development of the Vision Pro headset.
“We are fortunate to continue to benefit from the leadership and insight that has been the hallmark of his tenure at the company,” Cook said of Maestri. The move marks the second CFO transition during Cook’s tenure, with former CFO Peter Oppenheimer stepping down in 2014.
Apple’s management team is likely to see more changes in the foreseeable future. Many of the executives are around 60 years old and have been with the company for decades.
This represents the second notable management shift this month. Last week, Apple announced He said to the staff Matt Fisher, the vice president of the App Store, is stepping down as part of the reorganization. He will be replaced by two vice presidents.