Key Apple executive says goodbye to the media and analysts just weeks before his departure
With the release today of Apple's fiscal fourth quarter and fiscal 2024 earnings report, the tech giant says goodbye to its longtime Chief Financial Officer Luca Maestri. While the CFO won't officially be leaving Apple until January 1st, 2025, the conference call held on Thursday following the release of the earnings report is the last one that Maestri will take place in as Apple's CFO. That's because Apple's next report and conference call won't be held until late January 2025 and Luca will be gone from Cupertino by then.
It's been a long run for Maestri who took over the CFO job in 2014. He will be replaced by Kevin Parekh. Apple CEO Tim Cook says that he has "incredible confidence" in Parekh. Cook also had some kind words for Apple's outgoing CFO, Maestri.
About Luca, Cook said, "I am deeply grateful. In his 10 years in the role, Luca has done truly exceptional work in shaping Apple as we know it today. He has helped manage Apple for the long term, thoughtfully and deliberately. He has helped us enrich the lives of so many around the world, and he has been a leader that people look up to and have learned so much from," Apple announced that Luca would be leaving the CFO job at Apple back in August.
Maestri thanked Cook for his "very kind words" and went on to say that serving as Apple's CFO was "a real privilege and an amazing journey." Talking to the Wall Street and media types that will now be the responsibility of Kevin Parekh, Maestri said, "I’ve greatly appreciated the support from our investors and the analyst community over the years. Kevin is exceptional and I know you will enjoy interacting with him going forward."
Luca Maestri will leave his job as Apple's CFO starting on January 1st, 2025. | Image credit-Apple
On October 4th, Luca sold 59,305 Apple shares at an average price of $226.52. Before commissions and taxes, the stock sale generated a total value of approximately $13.43 million. Maestri still owns 107,788 shares currently worth nearly $24 million.
Parekh isn't coming out of nowhere to take the CFO job at Apple which is one with many responsibilities that go beyond communicating to the media and Wall Street. Kevin has worked at Apple for 11 years and currently runs Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.
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