Kevan Parekh Appointed as Apple CFO
Indian American executive Kevan Parekh has stepped into the role of Apple’s senior vice president and chief financial officer effective January 1, 2025, bringing with him over a decade of experience in shaping the tech giant’s financial, business, and product development strategies.
Parekh, who has been with the company since 2013, succeeds Luca Maestri, who held the position of CFO at Apple for a decade. Reporting directly to CEO Tim Cook, Parekh’s appointment comes with a notable boost in annual salary to $1 million, according to a Security and Exchange Commission (SEC) filing on January 3. The company also mentioned that Parekh is set to participate in the Apple Inc. Executive Cash Incentive Plan for fiscal year 2025, aligning with other top executives at Apple.
In addition to his salary increase, Parekh was granted performance-based restricted stock units (“RSUs”) under the Apple Inc. Employee Stock Plan 2022, scheduled to vest on October 1, 2027.
Describing Parekh as an integral part of Apple’s finance leadership team for over a decade, Cook expressed confidence in his financial acumen and judgment, making him the ideal candidate for the CFO role. Parekh now leads Apple’s accounting, business support, financial planning and analysis, treasury, investor relations, internal audit, and tax functions.
Before his appointment as CFO, Parekh held key positions within Apple, including vice president of Financial Planning and Analysis, as well as vice president of Worldwide Finance supporting various functions like Engineering, iTunes, Marketing, Retail, and Sales.
Parekh’s promotion aligns with Apple’s strategic shift towards increasing manufacturing operations in India. The company aims to produce 32% of global iPhone volume and 26% of its value in India by 2026-27, further established by the creation of a new subsidiary called Apple Operations India to focus on research, design, testing, and support to manufacturers. Plans are also underway to open four more Apple retail stores in Bengaluru, Pune, Delhi NCR, and Mumbai.
With over 20 years of experience leading global finance teams at major companies like Thomson Reuters and General Motors, Parekh brings a wealth of knowledge to Apple. He holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.
Parekh joins a growing list of Indian-origin executives at prominent US-based tech companies, demonstrating a noteworthy trend in leadership diversity across industries.
