Apple announced that Luca Maestri, its Chief Financial Officer, will be stepping down from his role at the end of the year. Maestri will remain with the company, transitioning to the position of Head of Corporate Services, overseeing information systems, technology, security, and real estate.

Maestri joined Apple in 2013 from Xerox Corporation and was appointed CFO in 2014. During his tenure, Apple’s revenue experienced significant growth, more than doubling from $183 billion to over $383 billion.

Apple CEO Tim Cook praised Maestri’s contributions, stating, “Luca has been an extraordinary partner in managing Apple for the long term. His leadership has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple.”

To succeed Maestri as CFO, Apple has appointed Kevan Parekh, its Vice President of Financial Planning and Analysis. Parekh, with over 11 years of experience at Apple, brings a strong track record in financial management and leadership.