Indian-origin executive Kevan Parekh has been appointed as the new Chief Financial Officer (CFO) of Apple Inc., effective January 1, 2025. Parekh, who has been a part of Apple’s financial leadership for over a decade, will earn an annual salary of $1 million (₹8.57 crore).
Kevan Parekh’s Journey at Apple
Parekh joined Apple in June 2013 and has held several key roles within the company. He previously served as Vice President of Financial Planning and Analysis, as well as Vice President of Finance for Sales, Marketing, and Retail. His extensive experience and understanding of Apple’s financial operations positioned him as a natural successor to Luca Maestri, the outgoing CFO.
In a statement, Tim Cook, Apple’s CEO, praised Parekh’s contributions to the company:
“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.”
Kevan Parekh’s Educational Background and Early Career
Born in 1972, Kevan Parekh holds a Bachelor of Science degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. Before joining Apple, Parekh gained valuable experience in senior leadership roles at Thomson Reuters and General Motors.
The Transition Plan
Apple first announced Parekh’s appointment on August 27, 2024, as part of its CFO transition plan. In an official filing with the United States Securities and Exchange Commission (SEC), Apple confirmed his promotion:
“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.”
Increased Compensation and Incentives for Kevan Parekh
As part of his new role, Parekh’s annual salary has been raised to $1 million. Additionally, he will participate in Apple’s Executive Cash Incentive Plan for fiscal year 2025.
Apple disclosed the details in its SEC filing:
“Mr. Parekh’s annual salary was increased to $1 million, effective January 1, 2025, and he is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for fiscal year 2025 on the same basis as Apple’s other named executive officers, with a target opportunity of 175% of base salary based on his time in his respective roles for fiscal year 2025.”
