Luca Maestri is transitioning away from his role as Apple CFO, and will instead focus on the company’s Corporate Services teams.

Maestri has served as Apple CFO for a decade, since 2014. Apple says Maestri will step down as CEO effective January 1, 2025. In his role as head of Corporate Services teams, the executive will report direclty to CEO Tim Cook and oversee Apple’s IT, information security, and real estate and development.

Kevan Parekh will succeed Maestri, with Apple saying the transition is part of the company’s planned succession.

“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,” said Tim Cook, Apple’s CEO.

“For more than a decade, Kevan has 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.”

Apple credits Maestri with helping more than double the company’s revenue, thanks to his strong financial discipline.

“It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,” said Maestri. “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”