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AFP

Apple has announced that it will replace its Chief Financial Officer, Luca Maestri, on New Year's Day. Kevan Parekh is set to take over the role, according to CNBC.

However, Maestri won't be leaving entirely. He will continue to oversee teams responsible for IT, real estate development, and security.

CEO Tim Cook praised both Maestri and the incoming CFO.

"Luca has been an extraordinary partner in managing Apple for the long term. He has played a crucial role in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline throughout Apple. We're fortunate that we will continue to benefit from the leadership and insight that have defined his tenure at the company," Cook said in Apple's press release.

Cook also emphasized Parekh's deep understanding of the company, calling him the "perfect choice" for the position.

"For more than a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple's next CFO," Cook said.

Since Maestri became Apple's CFO in 2014, the company has experienced tremendous growth. Its stock has surged by more than 800%.

Under Maestri's leadership, Apple more than doubled its net income and annual sales while expanding its gross margin. When Maestri became CFO in 2014, Apple's annual sales were approximately $183 billion. By 2023, the company's revenue had grown to about $383 billion.

"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," Maestri said.

Parekh, who is currently the Vice President of Financial Planning and Analysis, is regarded as a "lieutenant" of Maestri. Both joined Apple in 2013, with Parekh starting in finance and product marketing, and Maestri serving as corporate controller. Both previously worked at General Motors before joining Apple.

Apple