Apple appoints Kevan Parekh as its new Chief Financial Officer

He succeeds Luca Maestri

Parekh has spent more than a decade at the company

Apple announced on Monday the appointment of Kevan Parekh as its new Chief Financial Officer, succeeding Luca Maestri, who will transition from the role on January 1, 2025. Parekh, a long-time Apple insider with over a decade at the company, will also join the executive committee. He previously held the position of Vice President of Financial Planning and Analysis.

Also Read: Anticipation builds for Apple’s iPhone 16 series ahead of September launch

The leadership change comes at a critical time for Apple, as the company prepares for a significant product launch this fall. Analysts are calling it the biggest software upgrade for the iPhone, featuring new artificial intelligence (AI) capabilities. These AI features are seen as vital for Apple to address a slowdown in global sales, particularly in the Chinese market, and to remain competitive against rivals who have already integrated AI enhancements.

D.A. Davidson analyst Gil Luria noted that the transition appears well-planned and emphasized the importance of Maestri staying with Apple, which should mitigate financial uncertainties. Analysts from Piper Sandler also remarked that while the internal promotion should ease the transition, any leadership change of this magnitude introduces some level of uncertainty.

During his tenure, Maestri oversaw a period of significant growth for Apple, with the company’s revenue more than doubling and its services revenue increasing fivefold. Maestri will continue to lead Apple’s corporate services, reporting directly to CEO Tim Cook.