Apple Taps Insider Kevan Parekh As CFO

Photo: Reuters

India-West Staff Reporter

CUPERTINO, CA – Tech giant Apple on August 26 named insider Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri.

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

It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades.

Parekh, who has been with Apple for more than a decade and will join the company’s executive committee, most recently served as vice president of financial planning and analysis.

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

“(Parekh) will need to continue the prudent capital management but may also be tasked with restarting Apple’s exploration of complimentary acquisitions.”

Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors.

Parekh joined Apple 11 years ago. He has a Bachelor of Science degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago Booth School of Business.