Apple Inc. said today that its longtime Chief Financial Officer Luca Maestri will step down from the role in a transition that will take place at the start of next year, to be replaced by another Apple executive, Kevan Parekh.

Maestri (pictured) won’t depart the company completely. Instead, he will take on the role of head of Apple’s corporate services team, where he’ll be tasked with leading “information systems and technology, information security and real estate and development.”

The 60-year-old CFO has been a familiar face on Apple’s executive team for years, having first joined the company in 2013 after serving as the CFO of Xerox Holdings Corp. He became CFO within a year, replacing the previous incumbent Peter Oppenheimer just before Apple’s stock went on a run that saw it rise to become one of the world’s most valuable publicly traded companies. Prior to joining Xerox, Maestri had also served at General Motors Co. and Siemens SE.

CNBC notes that when Maestri took over, Apple’s annual revenue was $183 billion, and under his tenure, it has grown to more than $383 billion. During that time, the company more than doubled its annual net income and expanded its gross margin.

More recently, Maestri oversaw the expansion of Apple’s stock buyback program, which was increased from $90 billion to $110 billion this spring. The company notably increased its revenue from services by 14% during its last financial quarter, even as sales of iPhones and iPads declined from a year earlier, and Maestri was cited as one of the main reasons for that growth.

In Apple’s announcement, the company praised Maestri for his impact on its business, saying he enabled “essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.”

Maestri said in a statement that it was the “greatest privilege of my professional life to serve the world’s most innovative and admired company.”

Incoming CFO Parekh has worked under the tutelage of Maestri for years, with his most recent role being vice president of financial planning and analysis.

“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Apple Chief Executive Tim Cook said in a statement. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”

Parekh first joined Apple in 2013, the same year as Maestri, having spent the prior four years at Thomson Reuters. Prior to that, he had worked at General Motors Co., similar to Maestri.

“I have enormous confidence in Kevan as he prepares to take the reins as CFO,” Maestri added. “He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment and values that are so important to this role.”

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