Apple announces Kevan Parekh as new CFO ahead of iPhone 16 series launch on September 9

Apple has announced that Kevan Parekh, a long-time employee, will become its new Chief Financial Officer (CFO) on 1 January 2025. He will take over from Luca Maestri, who has held the role for many years. Maestri will remain at Apple but in a different role.

This change in leadership comes as Apple prepares for a big product launch season. These new products are expected to include significant updates for the iPhone, especially in artificial intelligence (AI). These updates are crucial for Apple as the company tries to boost slowing global sales, particularly in China, and keep up with competitors who have already introduced AI features.

Kevan Parekh has worked at Apple for over ten years, most recently as Vice President of Financial Planning and Analysis. Now, as CFO, he will also join Apple’s top leadership team. Analysts believe this transition has been carefully planned, which should help keep things stable at the company. Parekh is expected to continue managing Apple’s finances carefully and may also look into acquiring other companies to help Apple grow.

Before joining Apple, Parekh held important roles at Thomson Reuters and General Motors.

Even though Maestri is stepping down as CFO, he will still lead Apple’s teams that handle information systems, technology, security, and real estate. He will continue to report directly to CEO Tim Cook. During Maestri’s time as CFO, Apple more than doubled its revenue, and its services revenue grew fivefold. His ongoing role at Apple is seen as important for ensuring a smooth transition.

Apple’s decision to promote Parekh from within the company should help make the leadership change smoother, but some uncertainty remains since Maestri was a consistent and strong performer in the role. Analysts will be cautiously optimistic about the transition.

Recently, Apple’s financial results have been mixed. While iPhone sales were better than expected in the third quarter, the company’s overall business in China did not meet expectations. Apple is hoping that new AI features, announced at its June developers conference, will drive future sales. Apple also announced the launch date of the new iPhone 16 series which will make its debut on September 9. The company will be launching four new iPhones: iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max. The biggest change will be in the size of the Pro models along with the all-new A18 Pro chipset on the more expensive models. 

This year, Apple will also reportedly produce Pro models in India. The production of the Pro models is expected to begin weeks after the launch of the new devices.