Apple Appoints Kevan Parekh as New Finance Chief Ahead of Major Product Launch

Photo : Reuters

Apple Inc. has announced the appointment of Kevan Parekh as its new Chief Financial Officer, a position he will officially assume on January 1, 2025. This move marks a significant transition within the tech giant's leadership team, as Parekh takes over from Luca Maestri, who has served as CFO for several years and will shift his focus to other areas within the company.

Kevan Parekh, who has been a key figure at Apple for over a decade, previously held the role of Vice President of Financial Planning and Analysis. His appointment to the CFO position comes as Apple prepares for a series of high-profile product launches this fall, which are anticipated to be among the most significant software upgrades for the iPhone to date. These upgrades are set to introduce new artificial intelligence features, reflecting Apple’s strategy to address a recent slowdown in global sales, particularly in the crucial Chinese market, and to enhance its competitive edge against rivals that have already integrated AI advancements into their products.

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Parekh’s career before joining Apple included senior leadership positions at Thomson Reuters and General Motors, where he gained extensive experience in financial management and strategic planning. His deep understanding of both technology and automotive sectors is expected to provide valuable insights as he takes on his new role at Apple.

The transition to Parekh as CFO is described by analysts as orderly and well-planned, a key factor given the critical timing of the move. D.A. Davidson analyst Gil Luria emphasized the importance of maintaining stability during this period, noting that Maestri's continued involvement in other senior roles will help mitigate any potential financial uncertainties. Maestri will continue to oversee Apple's corporate services teams, including information systems and technology, information security, and real estate and development, while reporting directly to CEO Tim Cook.

Under Maestri's leadership, Apple experienced substantial growth, more than doubling its revenue and seeing a fivefold increase in services revenue. His tenure has been marked by significant achievements, and his departure from the CFO role comes as Apple continues to expand its product lineup and explore new technological innovations.

The appointment of Parekh is expected to facilitate a smooth transition, as filling the role with an internal candidate should help maintain continuity in the company's financial strategy. However, analysts at Piper Sandler acknowledged that any major leadership change inevitably brings a degree of uncertainty, especially given the long-standing consistency and execution demonstrated by Maestri.

Apple's recent third-quarter performance showed better-than-expected iPhone sales, with the company projecting further gains as it integrates AI features into its products. This comes at a time when iPhone sales have faced challenges due to a lack of significant upgrades and competition from Android smartphones offering high-end specifications at more competitive prices.

At its developers conference earlier this year, Apple unveiled a range of AI features under the "Apple Intelligence" umbrella, including a revamped Siri and integration with ChatGPT. These innovations are part of Apple’s broader strategy to reinvigorate its product offerings and attract a new wave of consumers.

Despite these advancements, Apple's shares saw a slight decline of nearly 1% in extended trading, reflecting ongoing market fluctuations and investor sentiment. As Parekh steps into his new role, all eyes will be on how he navigates the company through this pivotal period of product evolution and financial management.

Aug. 27, 2024 10:13 a.m. 486

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