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Apple Inc on Tuesday (August 27) named Kevan Parekh, an Indian-origin engineer, as its next Chief Financial Officer (CFO). Parekh will assume the role on January 1, 2025, succeeding Luca Maestri, who is reportedly moving to Corporate Services. This marks the second significant leadership change at Apple within a week.
Currently serving as Apple’s Vice-President of Financial Planning and Analysis, Parekh will step into the CFO role as part of a planned transition. He has been with the company for 11 years, contributing to key aspects of its financial strategy and operations, reported Bloomberg.
Rise of Kevan Parekh
Parekh’s ascent at Apple is supported by his technical and business background. He earned a Bachelor of Science in Electrical Engineering from the University of Michigan and went on to complete an MBA at the University of Chicago. The 52-year-old executive quickly became a crucial figure within Apple’s finance team after joining the company, reported The Economic Times.
As Vice-President of Financial Planning and Analysis, Parekh oversees several important functions, including Financial Planning, Investor Relations, and Market Research, and is believed to report directly to CEO Tim Cook. His previous role involved leading finance for Apple’s Worldwide Sales, Retail, and Marketing, further highlighting his extensive knowledge of the company’s operations.
According to Bloomberg, Parekh has been groomed for the CFO position by Maestri over the past several months. Before joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors, gaining valuable experience in finance and business development.
At Thomson Reuters, he served as Vice-President of Finance and later as Corporate Treasurer. During his time at General Motors, Parekh held positions such as Director of Business Development in New York and Regional Treasurer in Zurich.
CEO Tim Cook’s praise for Parekh
Apple CEO Tim Cook praised Parekh’s deep understanding of the company and his outstanding financial expertise. “For over a decade, Kevan has been an integral part of Apple’s finance leadership, with a profound grasp of the company. His intelligence, judgement, and financial expertise make him the ideal choice as Apple’s next CFO,” Cook said.
Luca Maestri also expressed confidence in Parekh’s abilities as he prepares to transition into his new role. Maestri noted, “I’m excited about the next chapter at Apple and have full confidence in Kevan as he steps into the CFO role. His passion for Apple and its mission, coupled with his leadership and values, will serve the company well.”
First Published: Aug 27 2024 | 11:51 AM IS