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Longtime Apple<\/a> Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade.<\/p>\n Parekh, 52, will become CFO on Jan. 1 in what Apple described as a \u201cplanned succession.\u201d Maestri, who has been CFO since 2014, will remain at Apple in a reduced position, continuing to oversee information technology and real estate functions, the company said Monday.<\/p>\n The 60-year-old Maestri was a steward of Apple\u2019s finances in the post-Steve Jobs era and a familiar voice on the company\u2019s conference calls. During his tenure, Apple became more of a services provider, with that category accounting for much of its revenue growth. The Italian-born executive will continue to report to Chief Executive Officer Tim Cook in his new position.\u00a0<\/p>\n Parekh, meanwhile, will replace Maestri on Apple\u2019s executive team and report to Cook as well.\u00a0<\/p>\n \u201cKevan has been an indispensable member of Apple\u2019s finance leadership team, and he understands the company inside and out,\u201d Cook said in a statement. \u201cHis sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple\u2019s next CFO.\u201d<\/p>\n Parekh has been at Apple for 11 years and joined around the same time as Maestri. He currently oversees financial planning, investor relations and market research functions. He took on more responsibility late last year, when Maestri\u2019s other top deputy \u2014 Saori Casey \u2014 stepped down. She\u00a0later joined<\/a>\u00a0Sonos Inc. as its CFO.<\/p>\n Maestri had been grooming Parekh for the CFO role during the last several months, and Bloomberg News\u00a0reported<\/a>\u00a0in May that Apple had been preparing to name Parekh as its next finance chief. Parekh also has increasingly attended private meetings with Apple financial analysts and partners. Maestri said Monday that he has \u201cenormous confidence\u201d in his successor.<\/p>\n Apple shares fell as much as 1.7% in late trading, but regained most of the ground. The transition will likely be a smooth one, according to Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change \u201cappears to us to be part of a normal management-planning move,\u201d they said in a note.<\/p>\n Maestri\u2019s shift to a smaller role at the company follows a recent pattern for executives there. When Phil Schiller stepped down as marketing chief in 2020, he decided to remain at Apple and now leads a smaller portfolio that includes the App Store. Dan Riccio, head of hardware engineering until 2021, left the company\u2019s management team but still oversees development of the Vision Pro headset.<\/p>\n \u201cWe\u2019re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,\u201d Cook said of Maestri. The move marks the second CFO transition during Cook\u2019s tenure, with previous CFO Peter Oppenheimer stepping down in 2014.\u00a0<\/p>\n Apple\u2019s management team is likely due for more changes in the foreseeable future. Many of the executives are around 60 years old and have been at the company for decades.<\/p>\n The transition marks the second notable management switch this month. Last week, Apple\u00a0told employees<\/a>\u00a0that Matt Fischer, its vice president in charge of the App Store, will be leaving as part of a reorganization. He\u2019s being replaced by two deputies.<\/p>\n<\/div>\n\nRecommended Newsletter:<\/strong> Subscribe to Next to Lead, Fortune\u2019s weekly newsletter offering expert leadership strategies and insights for every stage of your career. Subscribe now<\/a>.<\/div>\n