Indian-Origin Kevan Parekh’s appointment to Apple’s CFO position comes at a pivotal time for the company as it continues to innovate and expand its portfolio of products and services.
Apple Inc. has announced a significant leadership change, with longtime Chief Financial Officer Luca Maestri set to step down at the end of the year. Kevan Parekh, a seasoned executive who has been with Apple for 11 years, will take over as CFO on January 1, 2025. This planned succession marks the end of Maestri’s decade-long tenure in the role, during which he played a crucial part in steering Apple through a transformative period.
Maestri, 60, who has been with Apple since 2014, will transition to a reduced role within the company. He will continue to oversee information technology and real estate functions, reporting directly to Chief Executive Officer Tim Cook. The Italian-born Maestri has been a prominent figure at Apple, known for his steady financial leadership during the post-Steve Jobs era. Under his stewardship, Apple has shifted significantly towards becoming a leading services provider, with this segment accounting for a substantial portion of its revenue growth.
Indian-Origin
Kevan Parekh, 52, has been an integral part of Apple’s finance leadership team, overseeing key areas such as financial planning, investor relations, and market research. His promotion to CFO is seen as a natural progression, as he has been involved in various aspects of Apple’s financial strategy and operations. Parekh joined Apple around the same time as Maestri, and his growing responsibilities have prepared him for this new role. His ascent to CFO has been widely anticipated, with reports earlier this year indicating that he was being groomed for the position.
Cook praised Indian origin Kevan Parekh’s appointment, highlighting his deep understanding of Apple and his financial acumen. “Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Cook said in a statement. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
The transition to Parekh is expected to be smooth, with analysts suggesting that it is part of a standard management planning process. Bloomberg Intelligence analysts Anurag Rana and Andrew Girard noted that the change “appears to us to be part of a normal management-planning move.” Although Apple shares saw a brief dip of up to 1.7% in late trading, they recovered most of the losses.
Maestri’s decision to remain with Apple in a reduced capacity aligns with a recent trend at the company, where senior executives have transitioned to smaller roles while continuing to contribute their expertise. For instance, Phil Schiller, former marketing chief, and Dan Riccio, former head of hardware engineering, both took on more focused responsibilities after stepping down from their previous positions.
Cook expressed confidence in the smooth transition, saying, “We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company.” This marks the second CFO transition during Cook’s leadership, following Peter Oppenheimer’s departure in 2014.
The leadership changes at Apple reflect a broader trend of management transitions within the company. With many of Apple’s top Indian origin executives around the age of 60 and having been with the company for decades, further changes in the management team are anticipated. This month has already seen another notable shift, with Matt Fischer, the vice president in charge of the App Store, leaving as part of a reorganization. He will be succeeded by two deputies.
As Apple moves forward with this new leadership structure, the company is expected to continue its focus on innovation and growth, leveraging the experience and strategic vision of its new CFO, Indian-Origin Kevan Kevan Parekh.
Kevan Parekh, an Indian-origin executive, has been named the new Chief Financial Officer (CFO) of Apple, marking a significant milestone in his career and a noteworthy appointment for the technology giant. Parekh’s ascension to this high-profile role at one of the world’s leading technology companies underscores his extensive experience and expertise in financial management and strategy.
Born into an Indian family, Parekh has built a distinguished career in finance and technology, bringing with him a wealth of experience that aligns with Apple’s strategic goals and growth ambitions. His background includes a robust track record in financial leadership roles across various sectors, including technology, finance, and consulting.
Indian origin Kevan Parekh’s professional journey began with a solid educational foundation. He holds an MBA from a prestigious business school and has accumulated significant experience working with some of the leading firms in the financial sector. His early career saw him in various financial analyst and management roles, where he honed his skills in financial planning, analysis, and strategic management.
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