Apple announced a leadership change as Kevan Parekh, an executive of Indian origin, will become its new Chief Financial Officer (CFO) starting January 1, 2025. He will replace Luca Maestri, who has held the role for years.
Luca Maestri will not be leaving Apple but will continue to manage the company’s corporate services, like information security and real estate, reporting directly to CEO Tim Cook.
Kevan Parekh has been with Apple for over 11 years and has worked in several important finance roles, including overseeing worldwide sales, marketing, and retail finance.
Before joining Apple, Kevan Parekh held leadership positions at Thomson Reuters and General Motors. He has an educational background in electrical engineering and business, having studied at the University of Michigan and the University of Chicago.
This change comes at a crucial time for Apple as the company is gearing up for significant product launches this fall, including new artificial intelligence (AI) features for the iPhone.
These AI upgrades are essential because Apple’s iPhone sales have been slowing down recently, especially in China, due to strong competition from Android-based smartphones.
Apple sees AI as key to attracting more buyers and reversing this trend. The company hopes that the leadership of Kevan Parekh, combined with new technological advancements, will help them maintain strong financial performance and regain sales momentum globally.
