Apple names Indian-origin insider Kevan Parekh as its new CFO. Who is he?

American technological giant Apple on Monday (Aug 26) named Indian-origin insider Kevan Parekh as its new Chief Financial Officer (CFO). Parekh has been working with Apple for more than a decade and will take over as CFO from Luca Maestri who will transition from the role on January 1 next year. 

This leadership change comes ahead of Apple's multiple product launches this fall season, which analysts have called the biggest software upgrade for the iPhone.

Who is Kevan Parekh?

Parekh currently serves as the Vice President (VP) of Financial Planning and Analysis at Apple. He will become the CFO on January 1, 2025. Before joining Apple, Parekh served in senior leadership roles at Thomson Reuters and General Motors.

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Parekh graduated in 1993 with a Bachelor of Science (BS) in Electrical Engineering from the University of Michigan. He then went on to do a Masters in Business Administration (MBA) from The University of Chicago Booth School of Business.

Speaking to the news agency Reuters, D.A. Davidson analyst Gil Luria said on Monday, "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions."

"(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complementary acquisitions," Luria added.

What next for Luca Maestri?

Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to Chief Executive Officer (CEO) Tim Cook.

During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times.

(With inputs from agencies)