Apple CFO Luca Maestri to Step Down in January 2025, VP Kevan Parekh Named Successor

Apple (NASDAQ:AAPL) announced Monday that Luca Maestri, its long-standing chief financial officer, will step down from his role on January 1, 2025. In a planned succession, Kevan Parekh, the company's Vice President of Financial Planning and Analysis, will assume the role of CFO and join the executive team. Maestri will remain at Apple, overseeing the Corporate Services teams and continuing to report to CEO Tim Cook.

Following the report, several Wall Street analysts reacted. JPMorgan analysts noted that while investors may feel somewhat disappointed by the announcement, Maestri's tenure has been marked by impressive progress. His leadership helped shift Apple’s identity towards a services-focused company, achieving a higher valuation and delivering strong shareholder returns. Maestri is also credited for consistent execution of financial targets and establishing disciplined operational practices.

With Parekh stepping into the CFO role, analysts believe that investors will be looking for continuity and stability. Having worked closely with both Tim Cook and Luca Maestri, Parekh is expected to maintain the financial discipline that has defined Apple's success, with a focus on consistent execution while leaving room for potential upside surprises that have historically driven investor confidence.

Bank of America analysts expect Apple to maintain its goal of achieving net cash neutrality under Parekh's leadership, a target set by Maestri. This could be achieved through buybacks and dividend increases, and Apple may eventually move into a net debt position.

Looking ahead, Apple is expected to continue its investments in AI, proprietary Apple silicon, and the vertical integration of iPhone components. The company is also likely to focus on expanding its range of services, including the development of AI-driven applications and furthering its third-party and first-party service offerings.

Additionally, analysts foresee Apple introducing new technologies, such as a foldable iPhone within the next year or two, and improving hardware to further enhance the capabilities of AI-powered iPhones.