Indian-origin Apple executive Kevan Parekh has been appointed the company's new Chief Financial Officer, effective January 1, 2025. Mr Parekh will succeed Luca Maestri, a veteran Apple executive, who will ensure a smooth transition to the new CFO.
The leadership change comes as Apple prepares for a significant product launch this fall, featuring a major software upgrade for the iPhone, including artificial intelligence capabilities.
Who is Kevan Parekh?
- Kevan Parekh joined Apple 11 years ago and quickly established himself as an integral part of the company's finance leadership team.
- Mr Parekh has a Bachelor of Science degree in Electrical Engineering from the University of Michigan (1989-1993) and an MBA from the University of Chicago Booth School of Business (1997-1999).
- Before joining Apple, he worked at Thomson Reuters and General Motors, holding various senior leadership positions, including Vice President of Finance, Corporate Treasurer, Director of Business Development and Regional Treasurer.
- He joined Apple in 2013 and served as Vice President of Financial Planning and Analysis, overseeing critical areas, and led finance for Worldwide Sales, Retail, and Marketing at the company.
- Over the last several months, Kevan Parekh has been prepared for the Chief Financial Officer (CFO) role by his senior, Luca Maestri. Mr Parekh will focus on continuing Apple's prudent capital management and may also explore complimentary acquisitions.
Luca Maestri will continue to lead corporate services teams, reporting to CEO Tim Cook. During his tenure, Apple more than doubled its revenue, with services revenue growing more than five times.
Apple's iPhone sales have slowed in recent years due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices. However, Apple is betting on artificial intelligence to attract buyers, announcing a slew of AI features under the umbrella 'Apple Intelligence' at its developers conference in June.