Analysts expect seamless Apple CFO transition

Apple on Monday announced that Chief Financial Officer Luca Maestri will transition from his role on January 1, 2025. Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. As part of a planned succession, Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will become Chief Financial Officer and join the executive team.
Janet H. Cho for Barron’s:
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“Maestri championed Apple’s unparalleled cash return strategy and the benefits of expanding into services,” writes Melius analyst Ben Reitzes. “We don’t see any of these things changing as Parekh was there along the way over the last 10 years.”
Cook said Parekh has been an indispensable member of Apple’s finance leadership team for more than a decade, and 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.”
During his 11 years at Apple, Parekh started out leading the financial support of Apple’s product marketing, internet sales and services, and engineering groups, and moving on to lead worldwide sales, retail, and marketing finance.

Vahid Karaahmetovic for Investing.com:
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Commenting on the news, JPMorgan analysts believe that investors may be “mildly disappointed” with the announcement given the substantial progress Apple has made under Luca Maestri’s leadership…
“With the appointment of Kevan Parekh, who has worked extensively in a senior role with both Tim Cook and Luca Maestri, investors will likely be looking for “more of the same” and a seamless CFO transition,” analysts commented.
“However, most importantly, we think they will hope for the continuation of a guidance/target-setting practice that has been “just right” from Luca Maestri,” demonstrating consistent execution while leaving room for upside surprises that investors can celebrate.
Separately, Bank of America analysts said they expect Apple to remain focused on getting to net cash neutral under Parekh, a goal that has been established under Maestri through buybacks and dividend hikes.
“After getting to net cash neutral, Apple could choose to continue significant buybacks and could go into a net debt position,” they wrote.

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MacDailyNews Take: Having been right there for so long, we trust the transition from Maestri to Parekh will be smooth as silk.
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