An Apple spokesperson told the publication that Indian-origin executive Kevan Parekh has been named as Apple's new CFO, who will also join the company's executive team. Apple states that its current CFO Luca Maestri will transition on January 1, 2025. Apple's Chief Executive Officer, Tim Cook viewed the elevation of Mukesh in the following way: "For over a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he knows Apple inside and out. His astute intellect, wise judgement and financial brilliance make him the ideal choice to be Apple's next CFO."
Who really is Kevan Parekh?
Before he could join Apple, Parekh held many senior leadership positions at Thomson Reuters and General Motors, respectively, assembling a great deal of international work experience.
Parekh is an Electrical Engineer with a BS from the University of Michigan and MBA from the University of Chicago. He has been with Apple for 11 years and currently heads Financial Planning and Analysis, G and A and Benefits Finance, Investor Relations, and Market Research.
According to Bloomberg, Maestri has been grooming Parekh to take over his job as CFO, a position the company hasn't hired from outside its ranks. Little known outside the company, Parekh is one of Apple's most important executives, reporting directly to Cook on all but the most sensitive financial and sales matters. In a move that gives him added responsibilities, Parekh has also taken on a greater role leading Saori Casey, who left for the CFO role at Sonos.
Maestri will continue to lead the teams of Corporate Services, including information systems and technology, information security, and real estate and development. He will report directly to Apple's CEO, Tim Cook.
During his tenure as CFO, Maestri enabled critical investments and exercised strong financial discipline in concert to more than double revenue, with services revenue growing more than fivefold.
"It is the greatest privilege of my professional life to serve the world's most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook," said Maestri.
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