Apple announced that Luca Maestri, the company's chief financial officer, will step down from his position early next year, and will continue to work for the company as head of the enterprise services team, where he will oversee information systems and technology, information security, real estate and development.
Maestri joined Apple in 2013 after serving as CFO of Xerox, and took over as Apple's CFO just a year later, succeeding Peter Oppenheimer. When Maestri took over, Apple's annual revenue was $183 billion, and last year it rose to $383 billion. He also announced an expansion of its share buyback program to $90 billion, a program that Maestri oversaw.
Last spring, Apple increased its share buyback program to $110 billion, smashing its previous record of $100 billion. The company also reported a 14% increase in services revenue, despite a decline in iPhone and iPad sales compared to the previous year.
Apple noted in its announcement that Maestri has made critical investments and exercised strong financial discipline, helping the company double its revenue, with services revenue growing more than fivefold.
Kevin Barrick, Apple's vice president of financial planning and analysis, is expected to succeed Maestri in running the finances of the now $3 trillion company.
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Barrick joined Apple 11 years ago and has previously held senior leadership positions at Thomson Reuters and General Motors.
Apple also announced other changes to its organizational structure, deciding to split up the App Store division, with Vice President Matt Fisher leaving his position after more than 10 years.
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