Meet Kevan Parekh: Apple's New CFO With Indian Roots
Apple appoints Kevan Parekh as CFO while retaining senior executives in critical roles to ensure leadership continuity amidst generational shifts.
Apple has appointed Kevan Parekh as its new Chief Financial Officer (CFO) effective from 1 January 2025, succeeding Luca Maestri. This change represents a significant shift in Apple's leadership, with Parekh expected to play a crucial role in managing the company's finances and strategic planning.
Kevan Parekh, born in 1972, is an experienced electrical engineer with a Bachelor of Science degree from the University of Michigan and an MBA from the University of Chicago. Before joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors, where he gained extensive global experience. Since joining Apple 11 years ago, he has served in various capacities, beginning as the head of financial support for different business divisions.
Currently, Parekh is responsible for financial planning, investor relations, and market research at Apple. His role expanded significantly last year when Saori Casey, a former deputy to Maestri, left the company. Reports indicate Parekh has become increasingly involved in private meetings with financial analysts and partners, highlighting his growing influence in Apple's finance department. This makes him the senior-most executive of Indian origin at Apple, technically outranking Sabih Khan, who has been with Apple for 29 years.
As Apple's new CFO, Parekh will oversee the company's finances and strategic planning, including key decisions on investments, financing, and coordination with key stakeholders. Over recent months, Maestri has been preparing Parekh for this role, ensuring he is well-positioned to manage one of the world's most valuable companies.
Both Maestri and Apple CEO Tim Cook have expressed strong confidence in Parekh's abilities. Cook described Parekh as an "indispensable member of Apple’s finance leadership team" with a deep understanding of the company, sharp intellect, and sound judgement. Maestri echoed these sentiments, citing Parekh's exceptional leadership qualities and commitment to Apple’s mission.
Parekh’s appointment as CFO also underscores the increasing presence of Indian-origin executives in top roles at global companies. He joins a distinguished group of leaders including Satya Nadella, CEO of Microsoft; Sundar Pichai, CEO of Alphabet; Shantanu Narayen, CEO of Adobe; Vaibhav Taneja, CFO of Tesla; Neil Mohan, CEO of YouTube; Nikesh Arora, CEO of Palo Alto Networks; and Arvind Krishna, CEO of IBM.
Parekh's promotion comes amid a significant generational shift within Apple's senior management. CEO Tim Cook, 63, will turn 64 this year and has stated he does not plan to remain with the company into the 2030s. Jeff Williams, Apple's Chief Operating Officer and Cook's top deputy, is 61. Sabih Khan, Senior Vice President (SVP) of Operations, is 58. Other key figures such as Phil Schiller, Apple Fellow, is 64; Eddy Cue, Senior Vice President of Services, is 59; Craig Federighi, Senior Vice President of Software Engineering, is 56; and Johny Srouji, Senior Vice President of Hardware Technologies, is 60.
To maintain continuity, Apple has adopted a strategy of retaining senior executives nearing retirement by assigning them smaller but strategically important roles. For example, Bob Mansfield returned from retirement to lead the Apple Car project, and Dan Riccio, former SVP of Hardware Engineering, transitioned to a Vice President role focusing on the Apple Vision Pro project.
Phil Schiller remains an Apple Fellow, overseeing the App Store and contributing to key projects, including Apple's acclaimed keynotes. Similarly, Luca Maestri, while stepping down as CFO, will continue in a reduced role, leading the Corporate Services teams, including information systems and technology, information security, and real estate development, reporting directly to CEO Tim Cook.
These strategies reflect Apple's intent to leverage the experience of its senior executives while preparing for a broader leadership transition. Notably, John Ternus, 49, SVP of Hardware Engineering, is viewed as a likely successor to Cook when the 63-year-old CEO decides to retire.
Luca Maestri, who has served as Apple's CFO since 2014, will continue in a reduced capacity, overseeing Corporate Services, including information systems and technology, information security, and real estate development, while reporting to CEO Tim Cook. Maestri has been credited with improving Apple’s financial performance, engaging with shareholders, and maintaining financial discipline throughout the company. During his tenure, Apple more than doubled its revenue, with services revenue growing over five times.
Tim Cook praised Maestri, stating, "Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in driving the company’s financial performance and instilling financial discipline across every part of Apple."
As part of this planned succession, Parekh will replace Maestri on Apple's executive team and report directly to Cook. Parekh’s deep expertise in financial planning, market analysis, and strategic leadership makes him a strong choice to guide Apple’s financial future.
Apple’s management team is expected to undergo further changes in the near future. The transition coincides with other shifts within the company's leadership. For example, Matt Fischer, Apple's Vice President in charge of the App Store, will step down, with his role being filled by two deputies.
Apple's decision to promote Parekh is viewed as part of a regular management transition aimed at ensuring continuity and stability. While the company's shares dipped slightly following the announcement, analysts anticipate a smooth transition given Parekh's extensive experience and preparation.
