Apple to replace CFO Luca Maestri in ‘planned succession' on Jan. 1

Core Viewpoint - Apple announced that Chief Financial Officer Luca Maestri will step down on January 1, with Kevan Parekh, his deputy, set to replace him in a planned succession [1][2]. Leadership Transition - Kevan Parekh has been a vital member of Apple's finance leadership for over a decade, and CEO Tim Cook praised his intellect and financial acumen as ideal for the CFO role [2]. - Maestri joined Apple in 2013 as vice president of finance and corporate controller and became CFO the following year, during which time the company's stock increased nearly 1,000% and revenue more than doubled [2]. - Parekh previously served as vice president of financial planning and analysis, indicating a strong internal candidate for the CFO position [2]. Market Reaction - Following the announcement of the leadership change, Apple shares experienced a slight decline of less than 1% in early trading [2]. Strategic Context - The leadership change occurs during a crucial time for Apple as it focuses on artificial intelligence to address declining iPhone sales [4]. - Apple is expected to reveal its latest AI-powered iPhone lineup at an event on September 9, alongside new AI features branded as "Apple Intelligence," which includes a partnership with OpenAI [4].