"Luca has been an extraordinary partner in managing Apple for the long term. He has played a critical role in enhancing the company's financial performance, engaging with shareholders, and instilling financial discipline across Apple. We're fortunate to continue benefiting from his leadership and insight, which have been key elements of his tenure," said Tim Cook, CEO of Apple.

Kevan Parekh, who is of Indian origin, has been with Apple's finance leadership team for over a decade. His deep financial expertise and strategic judgment have made him the ideal candidate for the CFO role, according to Cook.

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During Maestri's time as CFO, he played a pivotal role in driving significant investments and maintaining strong financial discipline, which helped Apple more than double its revenue. Under his leadership, the company's services revenue increased more than fivefold.

"It has been the greatest privilege of my professional life to serve at Apple, the world's most innovative and admired company, alongside an inspirational leader like Tim Cook," said Maestri. "I look forward to the next chapter of my journey at Apple and have full confidence in Kevan as he prepares to step into the CFO role. He is truly exceptional, with a deep commitment to Apple and its mission, and he embodies the leadership, judgment, and values essential to this position."

Kevan Parekh has been with Apple for 11 years and currently oversees Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. Before this, he led Worldwide Sales, Retail, and Marketing Finance. Parekh initially joined Apple to support the financial aspects of Product Marketing, Internet Sales and Services, and Engineering teams.

Before joining Apple, Parekh held several senior leadership positions at Thomson Reuters and General Motors, where he gained extensive global experience. He holds a Bachelor's degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.

(With ANI inputs)