Apple Names Kevan Parekh As New CFO

Apple has appointed insider Kevan Parekh as its new Chief Financial Officer. He will be succeeding company veteran Luca Maestri, who will step down from the role on 1 January 2025. 

Parekh, 52, has been with Apple for over a decade and previously served as Vice President of Financial Planning and Analysis. His promotion comes at a pivotal moment for Apple, as the tech giant prepares to introduce one of its biggest iPhone software upgrades, featuring advanced artificial intelligence (AI) capabilities.

The leadership change occurs as Apple faces challenges in the global smartphone market, particularly in China, where competition from Android-based brands offering high-end features at lower prices has intensified. The upcoming AI-powered updates, including a revamped Siri and integration with ChatGPT, are seen as crucial to reversing a slowdown in iPhone sales and maintaining Apple’s competitive edge.

Luca Maestri, who has been instrumental in doubling Apple’s revenue during his tenure as CFO, will continue to lead the company’s corporate services teams, reporting directly to CEO Tim Cook. Despite recent struggles in the Chinese market, Apple exceeded expectations with its third-quarter iPhone sales, supported by anticipation of the AI-driven innovations.

Parekh’s Background

Before joining Apple, Parekh was at Thomson Reuters and General Motors, where he held several senior leadership positions. During his four years at Thomson Reuters, he served in key roles, including Vice President of Finance, ultimately rising to the position of Corporate Treasurer. At General Motors, Parekh was the Director of Business Development in New York and also served as Regional Treasurer in Zurich, overseeing financial operations in Europe.

Parekh has a Bachelor of Science in Electrical Engineering from the University of Michigan, followed by an MBA from the University of Chicago, one of the world’s most prestigious business schools.