Apple recently announced that Luca Maestri, the chief financial officer, will be stepping down from his role at the beginning of next year. Despite being a key player in Apple’s financial success, Maestri will now be transitioning to the head of the company’s corporate services team.
During Maestri’s tenure as CFO, Apple experienced significant financial growth. Under his guidance, the company’s annual revenue increased from $183 billion to $383 billion. This expansion was further exemplified by the share repurchase program reaching $110 billion, breaking the company’s previous record of $100 billion.
Maestri’s financial strategies not only led to revenue growth but also benefitted Apple’s shareholders and investors. The company reported an increase in revenue from its services business by 14 percent. This growth, combined with Maestri’s financial discipline, played a crucial role in doubling Apple’s revenue and increasing services revenue fivefold.
Upon Maestri’s departure, Kevan Parekh will be taking over as the new CFO of Apple. Parekh, who has been with the company for 11 years, brings a wealth of experience from his previous roles at Thomson Reuters and General Motors. Apple CEO Tim Cook praised Maestri’s contribution to the company’s financial performance, highlighting his role in engaging with shareholders and maintaining financial discipline.
In addition to Maestri’s departure, Apple announced a restructuring within its App Store division. This change involves the departure of Matt Fischer, the vice president of the App Store, after over 10 years in the role. This reshuffling of leadership indicates Apple’s commitment to adapting and evolving its business strategies.
Overall, Luca Maestri’s departure marks a significant transition for Apple, as the company navigates changes in its financial leadership. The impact of Maestri’s financial acumen and strategic decisions will likely shape the company’s trajectory moving forward. As Apple continues to innovate and grow, the legacy of Maestri’s contributions will be a crucial part of the company’s history.
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