Indian-origin Apple executive Kevan Parekh has been named the company's new chief financial officer, effective January 1, 2025. 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 major product launch this fall, unveiling a major software update 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 financial leadership team.
- Mr. Parekh holds 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).
- Prior to joining Apple, he worked at Thomson Reuters and General Motors, holding a number of senior leadership roles 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 leading finance for Worldwide Sales, Retail and Marketing at the company.
- In recent months, Kevan Parekh has been groomed for the CFO role by his boss, Luca Maestri. Parekh will focus on continuing Apple's prudent capital management and may also explore bolt-on acquisitions.
Luca Maestri will continue to lead the corporate services teams and report directly to CEO Tim Cook. During his tenure, Apple more than doubled its revenue, with services revenue growing more than fivefold.
Apple's iPhone sales have slowed in recent years due to a lack of significant updates on newer models and competition from Android-based smartphone brands that offer high-end specs at lower prices. However, Apple is banking on artificial intelligence to attract buyers and announced a number of AI features under the “Apple Intelligence” umbrella at its developer conference in June.
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