Kevan Parekh has been named Apple’s new Chief Financial Officer (CFO), He is replacing Luca Maestri, who is transitioning to a new role, which was announced by Apple last year. The company confirmed that Parekh officially assumed the position of CFO on 1 January 2025.

Apple informed its investors about this development on Friday, January 3rd, 2025. In a Form 8-K filing with the SEC, the company stated, “As part of Apple Inc.’s (“Apple’s”) previously announced Chief Financial Officer transition plan, Apple’s Board of Directors appointed Kevan Parekh, 53, as Apple’s Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh succeeds Luca Maestri in the role of CFO.”

Parekh, a first-generation Indian-origin American, has led global financial teams for over 20 years. He joined Apple in June 2013 and has held roles such as Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. Before joining Apple, Parekh held senior positions at Thomson Reuters and General Motors.

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Tim Cook, CEO of Apple, commented on the appointment, calling Parekh an indispensable member of Apple’s financial leadership team. Apple also disclosed that Parekh’s annual compensation has been increased to $1 million. He is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for the fiscal year 2025.

In his new role, Maestri will oversee Apple’s Corporate Services teams, managing areas like information systems and technology, cybersecurity, and real estate development.

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