Kevan Parekh Named Apples New CFO-What You Need to Know

Kevan Parekh will succeed Luca Maestri as Apple's new CFO, bringing a fresh perspective and leadership to guide the company's financial strategy during this transition.

In a significant leadership transition at Apple Inc. (AAPL: NASDAQ), Kevan Parekh was named the successor to Luca Maestri as the Chief Financial Officer (CFO). Parekh, a prominent figure in Apple’s financial team, will officially assume the role on January 1, 2025. Maestri, who has held the position since 2014, is set to transition to a smaller role within the company.

Parekh has been an internal candidate for the CFO role, having long served as Maestri’s deputy. In his current role, he oversees global financial planning, investor relations and market research functions. He took on additional responsibilities in 2023 following the departure of Maestri’s other deputy, Saori Casey, who moved to Sonos Inc. Parekh has been an indispensable member of Apple’s finance leadership team. His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.

Maestri has groomed Parekh for the CFO role over the past several months. Plans to appoint the Indian-American executive to the position have reportedly been in place since May 2024. Parekh’s increasing participation in private meetings with Apple’s financial analysts and partners has been noted as part of his preparation for the new role. Maestri has been confident in his successor, acknowledging Parekh’s capabilities and deep understanding of the company. The Italian-born Maestri will retain his position at Apple in a reduced role, reflecting his ongoing commitment to the company’s operations even as he steps away from the CFO position. Under Maestri’s leadership, Apple transitioned into a major service provider, a strategic shift that contributed significantly to the company's revenue growth.

Bloomberg Intelligence analysts Anurag Rana and Andrew Girard have indicated that the transition is expected to be smooth, describing the change as part of a routine management-planning process. The value of Maestri’s continued leadership and insights, which have been integral to Apple’s success.

The broader implications of this transition suggest that Apple’s management team may undergo further changes as many executives approach the age of 60 and have served the company for decades. Parekh’s ability to navigate complex financial landscapes and drive innovation will be crucial in maintaining the company's momentum and ensuring continued growth. With him at the helm, Apple is poised to adapt to evolving market conditions and uphold its position as a leading technology powerhouse.