Cupertino tech major Apple has announced the appointment of Indian-origin executive Kevan Parekh as its new Chief Financial Officer (CFO), effective January 1, 2025. Parekh, who has been with Apple for over a decade, will succeed Luca Maestri, a company veteran who has served as CFO since 2014. Maestri will transition from his role at the end of this year but will continue to lead Apple’s corporate services teams, reporting directly to CEO Tim Cook.
Parekh’s appointment comes at a critical time for Apple, as the company prepares for the launch of its iPhone 16 series. The upcoming product launch is expected to include significant software upgrades, including new artificial intelligence (AI) features. These enhancements are seen as crucial for Apple as it seeks to counter a global sales slowdown, particularly in key markets like China, and to stay competitive against rivals who have already integrated AI into their offerings.
Meet Kevan Parekh, the new Apple CFO
Before being named CFO, Parekh served as Apple’s Vice President of Financial Planning and Analysis. His experience spans over a decade at Apple, during which he played a key role in the company’s financial strategy and planning. Prior to joining Apple, Parekh held senior leadership positions at Thomson Reuters and General Motors, bringing a wealth of experience to his new role.
Under Maestri’s leadership, Apple saw its revenue more than double, with services revenue increasing fivefold. He leaves behind a legacy of financial stability and growth that Parekh will now build upon.
Apple’s focus on India as a key market continues to grow. In the company’s Q2 2024 earnings report, CEO Tim Cook highlighted India’s robust performance, with the March quarter setting a new revenue record for Apple in the country. Despite a 4 percent year-over-year decline in global revenue, Apple’s growth in India helped the company exceed expectations.
Cook emphasised the importance of manufacturing in India to remain competitive in the rapidly growing smartphone market. Apple has been expanding its presence in India, with new physical stores in Mumbai’s BKC and Delhi’s Saket, and continues to develop its distribution channels across the country.
As Apple gears up for the iPhone 16 launch, Parekh’s leadership will be pivotal in navigating the financial landscape and driving continued growth for the tech giant. The launch is set for September 9, 2024. Even though the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max are expected to bring modest upgrades over last year’s models, they’ll set the stage for Apple’s future AI roadmap, being the first wave of iPhones to launch in the Apple Intelligence era.