Apple has announced that CFO Luca Maestri will leave that position effective on January 1, 2025, but continue at Apple to lead Corporate Services. Maestri will be replaced by Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, who has been at Apple for 11 years. Maestri has been Apple’s CFO for a decade.

In a press release issued by Apple, Tim Cook had this to say about Maestri and Parekh:

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.

During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.

More details on Apple’s CFO transition are available in its press release.