Apple will replace CFO Luca Maestri next year

Apple announced today that Chief Financial Office Luca Maestri will step away from his executive role, effective January 1. Kevan Parekh, Apple’s current VP of Financial Planning, will be promoted to CFO after 11 years at Apple.

Maestri has been CFO at Apple since 2014, and he’s now transitioning to a different role in the company, where he will report directly to CEO Tim Cook. Cook said in a press release that Maestri will continue leading the corporate services team, which encompasses information security and real estate.

Apple did not provide a reason for this shift, but said that it is “part of a planned succession.”