Apple announced the appointment of Kevan Parekh, a company insider, as its new Chief Financial Officer, succeeding Luca Maestri, who will step down from the role on January 1, 2025.
This leadership transition comes ahead of Apple’s anticipated fall product launches, which analysts have described as the most significant software upgrade for the iPhone to date. The update will feature artificial intelligence enhancements, a critical move for Apple as it seeks to recover from a global sales slump, particularly in China, and to stay competitive with rivals that have already implemented AI upgrades.
Parekh, who has been with Apple for over ten years, was previously the Vice President of Financial Planning and Analysis and will now join the company’s executive committee.
“The transition to the new CFO seems planned and orderly, which is key. Maestri’s continued presence at Apple is crucial, as it mitigates the risk of financial uncertainties,” commented Gil Luria, an analyst at D.A. Davidson.
“(Parekh) will need to maintain the current prudent capital management strategies, but he may also be encouraged to resume Apple’s pursuit of strategic acquisitions,” Luria added.
Before joining Apple, Parekh held senior leadership positions at Thomson Reuters and General Motors.
Apple noted that Maestri will continue overseeing corporate services, including information systems and technology, information security, and real estate development, and will report directly to CEO Tim Cook.
During Maestri’s tenure, Apple’s revenue more than doubled, with a significant increase in services revenue, growing over fivefold.
“Having an internal candidate take over should make the transition smoother… however, any change of this magnitude can introduce some uncertainty, especially considering Maestri’s track record of consistent performance,” analysts from Piper Sandler wrote in a note.
Earlier this month, Apple reported better-than-expected third-quarter iPhone sales and projected further gains, leveraging artificial intelligence to attract consumers, despite overall disappointing performance in China.
In recent years, iPhone sales have slowed, partly due to a lack of substantial upgrades in new models and increased competition from Android-based smartphones offering high-end features at more competitive prices.
At its developer conference in June, Apple unveiled a range of AI features branded as “Apple Intelligence,” including a redesigned Siri and integration with ChatGPT.
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