Apple Inc. (AAPL) shares experienced a slight dip in after-hours trading on Monday following the announcement of a planned transition for the company’s Chief Financial Officer role. Luca Maestri, who has been instrumental in shaping Apple’s financial performance and engaging with shareholders, will step down on January 1, 2025. He will be succeeded by Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, marking a planned succession within the company.
Maestri will continue to lead Apple’s Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting directly to Apple CEO Tim Cook. Cook praised Maestri’s contributions, stating that 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.”
Beyond the CFO transition, Apple is also preparing for the highly anticipated launch of its iPhone 16. According to a Bloomberg report, the launch event is scheduled for September 9th, shifting from the previously planned date of September 10th due to the Presidential debate between Donald Trump and Vice President Kamala Harris.
The new iPhone is expected to feature larger screens on the Pro models and innovative camera enhancements, including a dedicated button for taking photos. Apple is also poised to introduce its suite of artificial intelligence tools, collectively known as Apple Intelligence.
At the time of publication, Apple shares were down 0.62% at $225.78. This news comes on the heels of Cava Group’s strong Q2 results, which saw the company beat both EPS and sales expectations, leading to a rise in its stock price.
