Apple has recently announced that its longtime Chief Financial Officer Luca Maestri will step down from his role at the end of the year, with the Indian-origin engineer Kevan Parekh all set to take the position. Maestri has served as Apple’s CFO since 2014, and he won’t be leaving the company. Apple said Maestri will lead the Corporate Services team, which will include information systems and technology, information security, and real estate and development. He will report directly to Tim Cook.
This big leadership change comes right ahead of Apple’s biggest launch event of the year, where we’ll get to see new iPhones, Apple Watches, AirPods 4, and more. This also includes Apple Intelligence features, which will help the giant compete with rivals in the AI league and drive more sales.
Who is Kevan Parekh?
Kevan Parekh is an Apple insider who obtained his Bachelor’s degree in Electrical Engineering from the University of Michigan, followed by an MBA at the University of Chicago. He joined Apple in 2013 and quickly became an important figure within Apple’s finance team.
The 52-year-old executive is currently serving as Apple’s Vice-President of Financial Planning and Analysis, overseeing important functions like Investor Relations, Financial Planning, and Market Research. During these 11 years, Parekh has played a key role in shaping Apple’s financial strategy and operations.
Before joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. His strong technical and business background positions him well to take on the responsibilities of CFO at one of the world's leading tech companies.
CEO Tim Cook Praises Kevan Parekh
Apple CEO Tim Cook praised Kevan Parekh for his incredible financial expertise and deep understanding of the company. He stated, “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 judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Luca Maestri also expressed his confidence in Kevan’s abilities as he prepares for his new role at Apple. Maestri stated, “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. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”
Maestri will continue to lead corporate services teams. Cook mentioned that during Maestri’s tenure, Apple more than doubled its revenue, with services revenue growing more than five times. Also, Apple has regained its position as one of the world’s most valuable companies, with a total market cap of $3.454 trillion. Luca Maestri will transition to his new role on January 1, 2025.
Apple isn’t the only major tech giant undergoing CFO transitions. Recently, Meta and Alphabet have also appointed new leaders, signaling a new era across Silicon Valley.
What You Will Learn
- Luca Maestri's transition from CFO to lead Corporate Services at Apple.
- Kevan Parekh's qualifications and impressive background as he steps into the CFO role.
- CEO Tim Cook's strong endorsement of Parekh's leadership capabilities.
- The impact of Maestri’s tenure on Apple’s financial growth and market position.
