Tech giant Apple announced on Monday the appointment of Kevan Parekh as its new Chief Financial Officer, effective January 1, 2025. Parekh, a long-time Apple executive, will take over from Luca Maestri, who will transition out of the role after a significant tenure marked by substantial growth for the company.
Parekh, who has been with Apple for over a decade, previously served as Vice President of Financial Planning and Analysis. His promotion to CFO comes as Apple prepares for a major product launch this fall, which is expected to include significant software upgrades for the iPhone, notably incorporating artificial intelligence features. This move is crucial for Apple as it aims to rejuvenate its global sales, particularly in China, and compete more effectively with rivals who have already integrated AI into their products.
The transition appears to be well-planned and orderly, which analysts see as a positive sign. D.A. Davidson analyst Gil Luria commented, “The transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions. Parekh will need to continue prudent capital management but may also be tasked with restarting Apple’s exploration of complementary acquisitions.”
Luca Maestri, who has been instrumental in Apple’s financial strategy, will continue to lead the corporate services teams, overseeing information systems and technology, information security, and real estate and development, under the leadership of CEO Tim Cook. During Maestri’s tenure, Apple saw its revenue more than double, with services revenue increasing fivefold.
Piper Sandler analysts noted, “Apple filling the role with an internal candidate should make the transition a bit smoother… any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri.”
This leadership change at Apple comes as the company looks to enhance its product offerings with AI advancements, following a period of slower iPhone sales due to a lack of significant upgrades and increased competition from Android-based smartphone brands offering high-end features at more competitive prices. Apple’s recent third-quarter report showed better-than-expected iPhone sales and a positive forecast for future gains, despite a disappointing performance in its China market.
Kevan Parekh’s promotion reflects Apple’s strategic focus on financial stability and innovation as it navigates a competitive landscape and seeks to capitalize on emerging technologies to drive future growth.
I am Aparna Sahu
Investment Specialist and Financial Writer
With 2 years of experience in the financial sector, Aparna brings a wealth of knowledge and insight to Investor Welcome. As an accomplished author and investment specialist, Aparna has a passion for demystifying complex financial concepts and empowering investors with actionable strategies. She has been featured in relevant publications, if any, and is dedicated to providing clear, evidence-based analysis that helps clients make informed investment decisions. Aparna Sahu holds a relevant degree or certification and is committed to staying ahead of market trends to deliver the most up-to-date advice.
