Apple Inc. has announced the appointment of Kevan Parekh, an Indian-origin finance executive, as its new Chief Financial Officer (CFO), effective January 1, 2025. Parekh will receive an annual base salary of $1 million (approximately ₹8.57 crore), succeeding Luca Maestri, who has served as Apple’s CFO since 2014.
Professional Background and Experience
Born in 1972, Kevan Parekh holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. He joined Apple in June 2013 and has held several key positions within the company’s finance division, including Vice President of Financial Planning and Analysis, and Vice President of Finance for Sales, Marketing, and Retail. Prior to his tenure at Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors, bringing a wealth of experience in financial management and strategic planning.
Compensation Details
According to Apple’s filing with the United States Securities and Exchange Commission (SEC), Parekh’s annual base salary has been set at $1 million, effective January 1, 2025. In addition to his base salary, he is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for the fiscal year 2025, with a target opportunity of 175% of his base salary. This performance-based incentive aligns Parekh’s compensation with Apple’s financial and operational goals, ensuring that his interests are closely tied to the company’s success.
Leadership Transition
Apple’s CEO, Tim Cook, expressed confidence in Parekh’s appointment, stating, “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.” This leadership transition is part of Apple’s strategic succession planning, ensuring continuity in its financial stewardship as the company continues to innovate and expand its global presence.
Apple’s Financial Landscape
As the world’s largest technology company by market capitalization, Apple has consistently demonstrated robust financial performance. In recent years, the company has diversified its revenue streams beyond hardware sales, focusing on services, wearables, and expanding its presence in emerging markets. The appointment of a seasoned financial strategist like Parekh is expected to further strengthen Apple’s financial planning and analysis capabilities, supporting sustained growth and shareholder value.
Industry Context
The technology sector has witnessed significant leadership changes, with companies emphasizing strategic financial management to navigate complex global markets. Apple’s decision to appoint an internal candidate with extensive experience reflects its commitment to maintaining a stable leadership team capable of executing its long-term vision. Parekh’s appointment also highlights the increasing representation of Indian-origin executives in top-tier positions within major global corporations, underscoring the diverse talent pool contributing to the industry’s evolution.
Conclusion
Kevan Parekh’s elevation to the role of CFO marks a significant milestone in his career and represents a strategic move for Apple as it continues to navigate the dynamic technology landscape. With his extensive experience and deep understanding of Apple’s financial operations, Parekh is well-positioned to contribute to the company’s ongoing success and drive its financial strategy forward in the coming years.
Anantha Nageswaran is the chief editor and writer at TheBusinessBlaze.com. He specialises in business, finance, insurance, loan investment topics. With a strong background in business-finance and a passion for demystifying complex concepts, Anantha brings a unique perspective to his writing.
