Apple has announced the appointment of Kevan Parekh, an Indian-origin executive, as its new Chief Financial Officer (CFO). Parekh, who has been with the tech giant for over a decade, will officially assume his new role on January 1, 2025. He will be succeeding Luca Maestri, who has been instrumental in steering Apple's financial management for nearly a decade.
Parekh's appointment is evidence of his depth of knowledge and understanding of Apple's financial operations. As Apple CEO Tim Cook noted, 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. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple's next CFO.
Before his elevation to the role of CFO, Parekh held various senior leadership roles within Apple. He led key areas such as Financial Planning and Analysis, General & Administrative (G&A) and Benefits Finance, Investor Relations, and Market Research. His tenure at Apple began with leading financial support for Apple's Product Marketing, Internet Sales and Services, and Engineering teams. He later transitioned to lead finance for Worldwide Sales, Retail, and Marketing.
Parekh's appointment as CFO is not just a recognition of his contributions to Apple but also a reflection of his diverse professional background. Prior to joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors, where he gained extensive global experience. He is an electrical engineer with a Bachelor's of Science from the University of Michigan and an MBA from the University of Chicago.
As Parekh steps into his new role, Maestri will transition to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting directly to CEO Tim Cook. Maestri's contributions to Apple have been significant, with Cook noting that he has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple.
Under Maestri's stewardship, Apple more than doubled its revenue, with services revenue growing more than five times. His financial discipline and strategic investments have been key to Apple's robust financial performance. Reflecting on his tenure, Maestri said, It is the greatest privilege of my professional life to serve the world's most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook.
The transition comes at a time when Apple is preparing for a big product launch season, with significant updates expected for the iPhone, particularly in artificial intelligence (AI). These updates are crucial for Apple as it seeks to boost slowing global sales, especially in markets like China, and keep up with competitors who have already introduced AI features.
Apple's performance in the Indian market has been particularly noteworthy. The company's annual sales hit a record in FY24, with sales growing by 33% to almost $8 billion. Apple's commitment to the Indian market is evident in its local production strategy, which is seen as a pragmatic approach to remain competitive. With his extensive experience and deep understanding of Apple's financial operations, Parekh is well-positioned to steer the company's financial strategy in the coming years. As Apple continues to innovate and expand its global footprint, the leadership of Parekh and Maestri will be instrumental in shaping the company's future trajectory. This transition is a testament to Apple's commitment to strategic leadership and its confidence in the capabilities of its internal talent pool.
