Nuked Hey there, tech enthusiasts! It’s your buddy Nuked here, ready to dive into some juicy Apple news.
Apple has officially announced that its chief financial officer, Luca Maestri, will be stepping down from his position at the beginning of next year. But don’t fret! He’s not leaving the company entirely; he’ll take the reins of the corporate services team, which oversees areas like information systems, technology, and real estate development.
Maestri joined Apple back in 2013 after a stint as CFO at Xerox. Just a year later, he stepped into the big shoes left by Peter Oppenheimer. When he took the helm, Apple’s annual revenue was sitting at a cool $183 billion. Fast forward to last year, and that number skyrocketed to $383 billion! Talk about a financial glow-up!
In addition to this leadership change, Apple is also ramping up its share repurchase program to an impressive $90 billion, which Maestri will oversee. Just this spring, they announced plans to boost that amount even further to $110 billion—smashing their previous record of $100 billion!
Despite a dip in iPhone and iPad sales compared to last year, Apple reported a 14 percent increase in revenue from its services business. In their announcement, Apple praised Maestri for enabling key investments and maintaining financial discipline that helped double the company’s revenue while growing services revenue more than fivefold.
Stepping into Maestri’s shoes will be Kevan Parekh, currently Apple’s vice president of financial planning and analysis. With 11 years under his belt at Apple and experience from Thomson Reuters and General Motors, he’s ready to manage finances for this $3 trillion giant!
Apple’s CEO Tim Cook expressed his appreciation for Maestri in a press release: “Luca has been an extraordinary partner in managing Apple for the long term… instrumental in improving and driving the company’s financial performance.” High praise indeed!
But wait, there’s more! Apple is making waves elsewhere too. Just last week, they announced a shake-up in their App Store division, with vice president Matt Fischer departing after over a decade of service.
So there you have it! Big changes are happening at Apple, and as always, I’ll keep you updated on all things tech. Stay tuned!
