Apple Appoints Kevan Parekh as New CFO, marking a milestone for Indian-American talent in Corporate America

Apple Inc. has announced the appointment of Kevan Parekh, an Indian-origin executive, as its new Chief Financial Officer, effective January 1, 2025. Parekh, who has been with the company for over a decade, will succeed Luca Maestri, the current CFO, who will transition to a new role overseeing Apple’s corporate services.

Maestri, who has served as CFO since 2014, will step down after a decade of stewardship during which Apple saw its revenue more than double and services revenue increase fivefold. His departure marks the end of an era, but the transition to Parekh is set to be smooth given his extensive experience within the company.

“Kevan has been an indispensable member of Apple’s finance leadership team for over a decade,” said Apple CEO Tim Cook in a statement. “His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”

Parekh, born in 1972, holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago Booth School of Business. Before joining Apple in 2013, he held senior roles at Thomson Reuters and General Motors, including Vice President of Finance and Corporate Treasurer. At Apple, Parekh has served as Vice President of Financial Planning and Analysis, overseeing critical areas such as financial planning, investor relations, and market research.

The leadership change comes as Apple gears up for a major product launch this fall, featuring significant upgrades to the iPhone, including enhanced artificial intelligence capabilities. Analysts view Parekh’s promotion as a strategic move to maintain stability during a period of transformation for the tech giant.

“The transition to the new CFO appears well-planned and orderly,” noted D.A. Davidson analyst Gil Luria. “Maestri staying on with Apple is also crucial, as it removes the risk of financial questions during this period of change.”

The rise of Indian-American executives in Corporate America has been notable in recent years, reflecting broader trends in diversity and representation in senior leadership roles. Parekh joins a distinguished list of Indian-origin leaders who have made significant impacts in the tech industry and beyond. This roster includes Satya Nadella, CEO of Microsoft; Sundar Pichai, CEO of Alphabet; Shantanu Narayen, CEO of Adobe; and Vaibhav Taneja, CFO of Tesla.

Parekh’s ascent to the role of CFO is not only a personal milestone but also a testament to the growing influence of Indian-American professionals in shaping the future of global companies. As Apple continues to navigate a competitive landscape and pursue innovations in artificial intelligence, Parekh’s deep understanding of the company and its financial strategies will be pivotal.

The transition period will see Maestri continuing to lead corporate services, reporting directly to Cook. This arrangement is expected to provide a seamless handover of responsibilities and preserve the continuity of Apple’s financial strategies.

As Apple moves forward under Parekh’s financial stewardship, the tech world will be watching closely to see how the new CFO will navigate the challenges and opportunities that lie ahead, ensuring that Apple remains at the forefront of technological innovation and financial stability.