Who is Apple's new CFO, Indian-origin Kevan Parekh?

Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing Luca Maestri who will transition from the role on Jan. 1, 2025.

The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone.

It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China.

Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook.

Who is Kevan Parekh?

Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis.

Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors.

Parekh's current LinkedIn profile shows him as a Vice President at Apple.

He got a BS degree in Engineering from the University of Michigan in 1993, following which he completed his post-graduation in business administration from The University of Chicago Booth School of Business.

Parekh began his professional career at General Motors in their New York Treasuer's Office, and left the company as the Regional Treasurer of its European division in July 2009.

Parekh's next destination was Thomson Reuters, where he began as the President of Finance, Professional Division, and then was moved to the role of Coporate Treasurer.

In June 2013, he joined Apple in their Finance and Product Marketing division.

Parekh was being groomed by his predecessor Luca Maestri to take on the role in the months leading to the announcement, as per a Bloomberg report.

“Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Apple CEO Tim Cook said in a statement. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”

With Reuters inputs