Apple announced that Kevan Parekh, its vice-president of financial planning and analysis, will become chief financial officer starting next year and join the executive team.

The iPhone maker’s current CFO Luca Maestri will step down from his role on January 1, 2025. Maestri will continue to lead the corporate services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook.

Parekh has been at Apple for 11 years and currently leads financial planning and analysis, G&A and benefits finance, investor relations, and market research. Prior to this role, Parekh led worldwide sales, retail, and marketing finance. He began his tenure leading the financial support of Apple’s product marketing, Internet sales and services, and engineering teams.

Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience. Parekh is an electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago.

“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook says in a statement.

During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.

“Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,” says Cook.

The outgoing CFO is looking forward to the next stage of his time at Apple. “I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role,” says Maestri.

Apple's revenue in India hit a record as the iPhone maker posted strong double-digit growth in the world's second-largest smartphone market. According to Bloomberg, Apple’s annual sales hit a record of almost $8 billion in FY24, up 33% from $6 billion in the previous fiscal.

The iPhone maker is making smartphones in India from a pragmatic point of view. “I see it as an incredibly exciting market and it's a major focus for us. In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there to be competitive,” Cook said in an earnings conference call.

Luca Maestri

Kevan Parekh to take over as Apple CFO next year