Apple has named Kevan Parekh, an executive of Indian origin, as its new Chief Financial Officer (CFO). Parekh will also become a member of Apple’s executive team. The current CFO, Luca Maestri, is set to step down from his position on January 1, 2025, according to a statement released by Apple.
Apple CEO Tim Cook praised Parekh’s appointment, emphasizing his deep understanding of the company and his extensive experience within the finance team. “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,” said Cook. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” he added.
Parekh’s career prior to joining Apple includes holding significant leadership positions at Thomson Reuters and General Motors, where he gained substantial global experience. He is an electrical engineer with a Bachelor of Science degree from the University of Michigan and an MBA from the University of Chicago. Over his 11 years at Apple, Parekh has held various critical roles, most recently leading Financial Planning and Analysis, General and Administrative (G&A) and Benefits Finance, Investor Relations, and Market Research.
In his earlier roles at Apple, Parekh led Worldwide Sales, Retail, and Marketing Finance. He started his career at Apple by managing financial support for the company’s Product Marketing, Internet Sales and Services, and Engineering teams, highlighting his diverse expertise within the company.
Luca Maestri, who will step down as CFO, has had a significant impact on Apple’s operations and strategic direction. He will remain with the company to oversee Corporate Services teams, including information systems and technology, information security, and real estate and development, all under the direction of CEO Tim Cook.
Cook commended Maestri for his exceptional contributions to Apple, stating, “Maestri has been an extraordinary partner in managing Apple for the long term. 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 financial leadership, Apple has seen substantial growth, more than doubling its revenue and increasing its services revenue fivefold. He has been recognized for his role in enabling crucial investments and maintaining strict financial discipline, which have been key to Apple’s financial success.
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.”
With the leadership transition set for the beginning of 2025, Apple is poised to continue its trajectory of growth and innovation under the financial guidance of Kevan Parekh. His extensive experience and deep understanding of Apple’s internal processes are expected to bring fresh perspectives to the company’s financial strategies moving forward.
