Apple Inc has announced that Kevan Parekh will become its new Chief Financial Officer (CFO) starting in January, replacing Luca Maestri. Parekh, an Indian-origin executive, is currently Apple’s Vice President of Financial Planning and Analysis and has been with the company for 11 years. This change is part of a planned succession.
Apple CEO Tim Cook praised Parekh’s deep understanding of the company, describing him as an indispensable member of Apple’s finance leadership team. Cook highlighted Parekh’s sharp intellect and financial expertise as key reasons for his selection as the next CFO.
Parekh joined Apple in June 2013. He holds a Bachelor’s degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.
During his time at Apple, Parekh has taken on various significant roles, including leading financial planning, investor relations, and market research. He has also been involved in sales, retail, and marketing finance, and has worked closely with Apple’s product marketing and engineering teams.
According to Bloomberg, Maestri has been preparing Parekh for this role, making him a natural choice to take over. Although Parekh is not widely known outside the company, he is considered a key figure within Apple, often reporting directly to Cook on financial matters.
The market reaction to this announcement saw Apple shares initially fall by 1.7 percent in late trading but recover most of the lost ground. Analysts expect the transition to be smooth, viewing it as a normal management move.
