Apple Names Indian American Executive Kevan Parekh as New Chief Financial Officer
- Currently vice president of Financial Planning and Analysis, he will succeed Luca Maestri, marking a significant milestone in his career.
Apple Inc. has named Kevan Parekh as the new chief financial officer, effective Jan. 1, the company announced yesterday (Aug. 26). The Indian American has been with Apple since 2013, and is currently vice president of Financial Planning and Analysis. He will succeed Luca Maestri, who has served as CFO since 2014.
According to Bloomberg, Parekh has been groomed for the CFO position by Maestri over the past several months. Maestri, meanwhile, will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook, the company announcement said.
Business Insider notes that the transition “marks a significant milestone in Parekh’s career, as he joins Apple’s prestigious executive team, responsible for steering one of the world’s most valuable companies through its financial strategies.”
The transition announcement had an effect on the company’s stocks. “Apple’s stock slipped 0.4% in the Aug. 26 premarket, after closing the previous day at a six-week high,” Business Insider said.
Cook praised Parekh and expressed confidence in his leadership. “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” he said in the company announcement. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research. Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.
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. He is an electrical engineer with a Bachelor of Science from the University of Michigan and an MBA from the University of Chicago.
(Top photo: Courtesy of Apple Inc.)