Luca Maestri, Apple’s Chief Financial Officer, will step down in January but will continue to lead Corporate Services team

Apple has announced that Luca Maestri, the iPhone maker’s Chief Financial Officer, will step down from his role early next year, with the veteran set to continue to lead the Corporate Services team within the company, with Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, confirmed to become the new Chief Financial Officer and join the executive team.

In a statement shared online, Apple CEO Tim Cook said “Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company.”

“It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,” said Maestri. “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”