Apple has named Kevan Parekh as its new Chief Financial Officer, succeeding Luca Maestri effective January 1, 2025. Parekh, an Apple veteran with over a decade at the company, currently serves as Vice President of Financial Planning and Analysis. He will also join Apple’s executive committee.
The leadership transition occurs as Apple prepares for a major product launch this fall, which includes significant software upgrades featuring new artificial intelligence capabilities. These enhancements are critical for Apple as it seeks to counter declining global sales, particularly in China, and to stay competitive against rivals that have already integrated AI into their products.
Analysts view the transition as orderly and emphasise the importance of Maestri’s continued involvement with Apple, where he will oversee corporate services, including information systems, information security, and real estate development. Maestri’s tenure has seen Apple more than double its revenue, with a fivefold increase in services revenue.
Parekh’s promotion comes as Apple aims to maintain prudent capital management and possibly reignite its acquisition strategy. His previous experience includes senior leadership roles at Thomson Reuters and General Motors before joining Apple.
The announcement follows Apple’s recent third-quarter earnings report, which exceeded expectations for iPhone sales despite a broader slowdown in China. Apple’s strategy now hinges on AI advancements, including the introduction of “Apple Intelligence” and a revamped Siri, as announced at its developers conference in June.
