Apple CFO Transition: Kevin Perec Takes Over Leadership Role

Kevin Perec's promotion as CFO signals a planned transition in Apple's executive team.

### Transition in Apple's Executive Team: Luca Maestri Steps Back, Kevin Perec Promoted
* 📅  This leadership change at Apple has been in the works for **over a year**, signaling a **planned transition** rather than a sudden shift.
* 👥  Ciara Casey, one of Luca Maestri's top deputies, resigned last year to become the **CFO of Sonos**, indicating that preparations for a **new CFO** were underway.
* 📊  Kevin Perec has been groomed for this role, having taken over **Casey's responsibilities** and closely collaborating with **Maestri and Apple's executive team**.
* 🔄  Luca Maestri, who has been CFO since 2014 and recently turned 60, is transitioning into a **smaller role** after decades in **high-stakes corporate finance**.
* 🚀  This change is part of a broader strategy at Apple, reflecting a trend of **executive turnover**, as **three executives have stepped back in the last four years**.
* 📱  Investors are optimistic about Perec's readiness for the CFO position, and he will oversee **critical functions including information technology and real estate**.
* 📆  As Apple gears up for the launch of the iPhone 16 and other products on September 9, the company is poised for **growth during the holiday period**, especially with the iPhone 15 Pro.
* 📈  With no major new Apple Watches or AirPods last year, the upcoming product releases set the stage for a **strong performance in the upcoming quarter**.

Why stepped back and why the number two getting promoted? Yeah, I mean, this is really not that interesting in the sense that this has been long planned. Apple has been telegraphing this for the last year or so. If you recall, at the end of last year, one of Luca Maestri, his top two deputies, Ciara Casey, she resigned and then later became the CFO of Sonos. And to me at the time, that became pretty clear that they were preparing for a transition and that it was not going to be her job, but rather Kevin Perec's job. Kevin Perec had a series of responsibilities related to market research, financial analysis, preparation for earnings, investor relations. And then he picked up Ciara Casey's responsibility over financial planning and analysis at the end of last year. He actually moved into her office at that time, and he has been the heir apparent for several months now. To Luca Maestri.

He had been shadowing Maestri. He had been working very closely with Apple's executive team in Tim Cook. So, this is something that has been in the works for several months now. Luca just turned 60, right? He's been in the corporate environment. He's been a CFO for decades now. He's obviously made a lot of money at Apple. Luca, actually, at some points in his career, has commuted many, many miles to the Apple campus. This is obviously a very tough role. It's not a role you want to be in for more than a decade, probably with everything at stake. He took over for Peter Oppenheimer in 2014, so it made sense. The bigger picture here is you're sort of probably going to see a big turnover of Apple's executive team over the next few years, and this strategy where they're not really allowing these executives to fully retire and just, you know, play golf or, you know, fly

their planes or what have you, and have them stick around a smaller role. This is now the third executive in a row in the last four years that we've seen do this. The question is, how long is Luca going to stick around in this new role? And then one thing I know investors are curious about, Perec. Everything I've been told and everything that I believe is that he's ready for this role. And I don't expect any hiccups. As you say, he's going to be overseeing information technology and real estate functions, we understand. But in that reduced role. Meanwhile, Mark, all of this is in the broader context of they've got to still be selling phones, they've got to be innovating. And September the ninth, we understand, is and we're going to be getting our eyes on the latest new phones. Yeah, September 9th, the iPhone 16 line, new AirPods, new Apple watches will all

be introduced, and then we'll get the performance of how these phones did. From Kevin Grech at the end of January during his first earnings call as CFO. And all expectations are we're going to see some decent growth in the holiday period over the iPhone 15 Pro. There were no major new Apple watches a year ago, no major new AirPods a year ago, but they've sort of set themselves up for a little bit of a layup to give themselves some nice growth in the holiday period.

Apple’s Maestri to Hand Off CEO Role to Kevan Parekh

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Apple's Executive Transition: Luca Maestri Steps Back, Kevin Perec Promoted

Luca Maestri's transition out of his CFO role at Apple has been in the works for months, following the resignation of his deputy, Ciara Casey.

Kevin Perec, who has been taking on Casey's responsibilities and closely working with Apple's executive team, is now promoted to CFO.

This transition is part of a larger strategy, indicating a potential turnover of Apple's executive team in the coming years.

Leadership Changes and Upcoming Product Launches at Apple

Apple has seen three executives change roles in the last four years, with Luca now taking on a reduced role overseeing information technology and real estate.

Investors are confident in Luca's readiness for the position.

Meanwhile, Apple is gearing up to launch the iPhone 16 line, new AirPods, and new Apple watches on September 9th.

Apple's Holiday Performance and Growth Expectations

Apple's CFO, Kevin Grech, anticipates decent growth for the iPhone 15 Pro during the holiday period.

The company had no major new releases for Apple Watches or AirPods last year, positioning themselves for a successful holiday season.

This strategy is expected to drive significant growth for Apple during the holiday period.