Apple Appoints Kevan Parekh as New CFO, Succeeding Luca Maestri
In a significant executive shuffle, Apple Inc. has officially announced Kevan Parekh as the new Chief Financial Officer (CFO), taking the baton from Luca Maestri on January 1, 2025. Parekh, an experienced hand within the tech giant, has been an integral part of Apple for over ten years and steps up from his recent role as vice president of financial planning and analysis.
Prior to his tenure at Apple, Parekh demonstrated his leadership prowess in substantial roles at renowned corporations such as Thomson Reuters and General Motors. This rich background enhances his credentials as he prepares to oversee Apple’s financial strategies moving forward.
The announcement arrives at a pivotal time for Apple as it gears up for a suite of product launches this autumn. Among these is an eagerly anticipated software overhaul for the iPhone, marked as the most significant update in its history. This update is expected to be a game-changer, featuring advanced artificial intelligence (AI) capabilities aimed at reversing the sales downtrend experienced globally, with a particular focus on the challenging Chinese market.
Apple emphasized that outgoing CFO Luca Maestri isn’t departing the company’s executive circle. Instead, he will pivot to leading the corporate services teams. His new role will encompass oversight of critical segments including information systems and technology, information security, and real estate and development, under the guidance of CEO Tim Cook.
Throughout his tenure as CFO, Maestri played a pivotal role in steering Apple towards remarkable financial growth. Under his watch, the company more than doubled its revenue, with a noteworthy expansion of its services revenue by over fivefold. Such achievements reflect the strategic acumen and financial stewardship that Maestri brought to the table.
Despite these high-profile executive changes, Apple’s shares experienced a slight dip, marking a 1% decline in extended trading following the announcement. This financial ebb underscores the high stakes and expectations resting on the incoming CFO, Parekh, as he prepares to navigate the tech behemoth through its upcoming fiscal challenges and opportunities.
Earlier, Apple projected an optimistic outlook for iPhone sales in the third quarter, exceeding expectations amid a strategic pivot towards leveraging artificial intelligence to captivate more consumers. Despite the overall slowdown in its China business, the company remains bullish about its potential to woo buyers through innovative AI features. At its developers conference in June, Apple unveiled “Apple Intelligence,” a comprehensive AI initiative that promises to redefine user experiences through enhanced Siri capabilities and integration with cutting-edge technologies such as ChatGPT.
As Kevan Parekh steps into his new role, all eyes will be on Apple’s financial direction and strategic initiatives aimed at fortifying its market position amidst evolving technological landscapes and consumer expectations.
