Apple recently announced that its longtime CFO Luca Maestri will be stepping down at the end of the year. Indian-born engineer Kevan Parekh is expected to take over. Maestri has served as Apple’s CFO since 2014 and will not be leaving the company. Apple said Maestri will lead the Enterprise Services team, which will include information systems and technology, information security, real estate, and development. He will report directly to Tim Cook.
This major change in direction comes just ahead of Apple’s biggest launch event of the year, where we will get to see new iPhones, Apple Watches, AirPods 4, and more. This also includes Apple Intelligence features, which will help the giant compete with its rivals in the AI league and drive more sales.
Who is Kevan Parekh?
Kevan Parekh, an Apple insider, earned his bachelor’s degree in electrical engineering from the University of Michigan and then an MBA from the University of Chicago. Kevan Parekh joined Apple in 2013 and quickly became a key figure on Apple’s finance team.
The 52-year-old executive currently serves as Apple’s vice president of financial planning and analysis, overseeing key functions such as investor relations, financial planning and market research. During those 11 years, Parekh played a key role in the company’s financial strategy and operations, the newspaper reported. Bloomberg.
Kevan Parekh has a strong technical and business background. Prior to joining Apple, Parekh held leadership positions at Thomas Reuters and General Motors.
CEO Tim Cook Praises Parekh
Apple CEO Tim Cook praises Kevan Parekh for his incredible financial expertise and deep understanding of the business.
“Kevan has been an indispensable member of Apple’s financial leadership team for over a decade and has a deep understanding of the company. His keen intellect, sound judgment and financial acumen make him the ideal candidate to become Apple’s next CFO.” – Tim Cook
Luca Maestri also expressed confidence in Kevan’s abilities as he prepares for his new role at Apple.
“I look forward to the next step in my journey at Apple and have absolute 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 embodies the leadership, judgment, and values that are so important to this role.” – Luca Maestri
Luca Maestri will continue to lead the Enterprise Services teams. Cook mentioned that during Luca Maestri’s tenure, Apple more than doubled its revenue, with services revenue increasing fivefold. In addition, Apple regained its position as one of the most valuable companies in the world, with a total market capitalization of $3.454 trillion. Luca Maestri will assume his new role on January 1, 2025.
Apple isn’t the only tech giant making CFO changes. Meta and Alphabet also recently named new leaders, signaling a new era in Silicon Valley.
