Tech giant Apple has named Kevan Parekh as its new chief financial officer (CFO), succeeding Luca Maestri, who will step down from the CFO role but continue to lead the corporate services teams.
As part of a planned succession, Parekh, Apple’s vice president of financial planning and analysis, will take on the role of CFO on January 1, 2025, and join the executive 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. His sharp intellect, wise judgement, and financial brilliance make him the perfect choice to be Apple’s next CFO,” said Apple Chief Executive Officer Tim Cook in a statement.
Parekh, who has been with Apple for 11 years, currently oversees financial planning and analysis, G&A and benefits finance, investor relations, and market research.
Before his current role, Parekh led worldwide sales, retail, and marketing finance. He started his tenure by providing financial support for Apple’s product marketing, internet sales and services, and engineering teams.
Prior to joining Apple, Parekh held various senior leadership positions at Thomson Reuters and General Motors, gaining extensive global experience.
Apple stated that Maestri will continue to lead the corporate services teams, including information systems and technology, information security, and real estate and development, and will report directly to Tim Cook.
“Luca 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. 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,” remarked Cook.
During his tenure as CFO, Maestri facilitated key investments and maintained strong financial discipline, which collectively enabled the company to more than double its revenue, with services revenue increasing more than fivefold.
“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,” said Maestri, adding, “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO.”
Meanwhile, Apple has announced that its next major event, themed “It’s Glowtime,” will take place on September 9, 2024, at the Steve Jobs Theater in Apple Park, where the company is expected to unveil the iPhone 16 lineup.
