Parekh, 52, will become CFO on Jan. 1 in what Apple described as a “planned succession.” Maestri, who has been CFO since 2014, will remain at Apple in a reduced position, continuing to oversee information technology and real estate functions, the company said Monday.

The 60-year-old Maestri was a steward of Apple’s finances in the post-Steve Jobs era and a familiar voice on the company’s conference calls. During his tenure, Apple became more of a services provider, with that category accounting for much of its revenue growth. The Italian-born executive will continue to report to Chief Executive Officer Tim Cook in his new position. 

Parekh, meanwhile, will replace Maestri on Apple’s executive team and report to Cook as well. 

“Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Cook said in a statement. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”

Parekh has been at Apple for 11 years and joined around the same time as Maestri. He currently oversees financial planning, investor relations and market research functions. He took on more responsibility late last year, when Maestri’s other top deputy — Saori Casey — stepped down. She later joined Sonos Inc. as its CFO.

Maestri had been grooming Parekh for the CFO role during the last several months, and Bloomberg News reported in May that Apple had been preparing to name Parekh as its next finance chief. Parekh also has increasingly attended private meetings with Apple financial analysts and partners. Maestri said Monday that he has “enormous confidence” in his successor.

Apple shares fell as much as 1.7% in late trading, but regained most of the ground. The transition will likely be a smooth one, according to Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change “appears to us to be part of a normal management-planning move,” they said in a note.

Maestri’s shift to a smaller role at the company follows a recent pattern for executives there. When Phil Schiller stepped down as marketing chief in 2020, he decided to remain at Apple and now leads a smaller portfolio that includes the App Store. Dan Riccio, head of hardware engineering until 2021, left the company’s management team but still oversees development of the Vision Pro headset.

“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 said of Maestri. The move marks the second CFO transition during Cook’s tenure, with previous CFO Peter Oppenheimer stepping down in 2014. 

Apple’s management team is likely due for more changes in the foreseeable future. Many of the executives are around 60 years old and have been at the company for decades.

The transition marks the second notable management switch this month. Last week, Apple told employees that Matt Fischer, its vice president in charge of the App Store, will be leaving as part of a reorganization. He’s being replaced by two deputies.