During his tenure as CFO, Apple's overall revenue doubled, while its services revenue grew more than five times.

Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will join the executive team as Apple's next chief financial officer. Parekh has been with the company for 11 years and previously led Worldwide Sales, Retail, and Marketing Finance.

Maestri is not leaving the company; instead, he has a slightly more nebulous role of leading the Corporate Services teams, including information systems and technology, information security, and real estate and development. Luca will continue to report to Apple CEO Tim Cook.

Apple’s CEO Tim Cook said: “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.

Cook added that Parekh had 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.”

Outgoing CFO Luca Maestri said the following on his “transition” that it had been the greatest privilege of my professional life to “serve” the “” and to “work side by side with a leader as inspirational as Tim Cook.”