Apple Inc. has just announced a major leadership change, appointing its executive Kevan Parekh as its next Chief Financial Officer (CFO). Starting in January, Parekh will step into the shoes of Luca Maestri, who has served as CFO since 2014. This move 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.
Kevan Parekh’s journey at Apple began in June 2013, and over the past 11 years, he has become a key figure within the company’s finance leadership. Currently, he serves as the Vice President of Financial Planning and Analysis, a role that has seen him managing crucial aspects of Apple’s financial operations, including investor relations, market research, and benefits finance. Parekh’s deep understanding of Apple’s complex financial landscape has earned him the trust and respect of his colleagues, including CEO Tim Cook, who recently praised Parekh’s “sharp intellect, wise judgment, and financial brilliance.”
Before joining Apple, Parekh built a solid foundation in finance through various roles at major corporations. He spent over four years at Thomson Reuters and more than five years at General Motors, where he honed his skills in financial management and strategy. Interestingly, Parekh’s academic background is rooted in engineering, holding a Bachelor of Science degree in Electrical Engineering from the University of Michigan. He later earned an MBA from the University of Chicago, a combination that has likely contributed to his analytical approach to finance.
While Parekh may not be a household name, he has been quietly influential within Apple, often reporting directly to Tim Cook on critical financial and sales matters. He’s also been involved in strategic meetings with financial analysts and partners, gradually stepping into a more prominent role within the company. His recent assumption of responsibilities from former Apple finance executive Saori Casey, who left to join Sonos Inc. as its CFO, further solidifies his position as a key player in Apple’s financial operations.
According to analysts at Bloomberg Intelligence, the transition is expected to be smooth, as it appears to be part of Apple’s planned management succession. Maestri, who has been grooming Parekh for this role, expressed “enormous confidence” in his successor, further easing any market concerns.
What’s next for Parekh? As Kevan Parekh prepares to take on his new role as CFO, all eyes will be on how he navigates Apple through the ever-evolving tech landscape. With over a decade of experience at Apple and a proven track record of financial expertise, Parekh will play a pivotal role in shaping the company’s future, especially with AI in the mix.