Apple Announces CFO Transition, iPhone 16 Debut: What To Know

Apple, Inc. AAPL shares are trading slightly lower in Monday's after-hours session after the company announced Chief Financial Officer Luca Maestri will transition from the role on Jan. 1, 2025, and will be succeeded by Kevan Parekh, Apple’s vice president of Financial Planning and Analysis.

The Details: According to the press release, 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.

Parekh’s transition to CFO is part of a planned succession and he will join the executive team.

“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 Cook.

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What Else: According to a Bloomberg report, Apple is expected to unveil its iPhone 16 at a product launch event on Sept. 9. The company had previously expected to hold the launch event on Sept. 10, however the Presidential debate between Donald Trump and Vice President Kamala Harris has been announced for that date. 

According to sources, the latest iPhone will sport larger screens on the Pro models and new camera features, including a dedicated button for taking photos. Apple will also begin rolling out its suite of artificial intelligence tools called Apple Intelligence.

AAPL Price Action: According to Benzinga Pro, Apple shares are down 0.62% at $225.78 at the time of publication Monday. 

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