1 week Ago By Varnika Srivastava
Indian-American executive Kevan Parekh has been appointed as the new Chief Financial Officer at Apple Inc., effective January 1, 2025. He will replace Luca Maestri, who held the position of CFO for nearly 11 years.
A first-generation Indian-American, Parekh has been with Apple for more than a decade and has contributed significantly to its financial and strategic growth. Before this promotion, Parekh was Apple's Vice President of Financial Planning and Analysis, where he played a vital role in shaping the company's financial operations. His new position comes with a notable compensation package: an annual salary of $1 million (approximately Rs 8.
57 crore) and eligibility for the Executive Cash Incentive Plan for 2025, offering a target bonus of 175% of his base salary. The announcement was made official in a filing with the U.S.
Securities and Exchange Commission. Parekh received praise from Tim Cook, the CEO of Apple, who termed him an essential member of Apple's finance team and commended his deep knowledge of the operations of the company. Cook mentioned Parekh's intellectual acumen and financial prowess, terming him the best fit for the role.
Since joining Apple in 2013, Parekh has held several influential positions, including Vice President of Worldwide Finance Support, where he managed operations across diverse areas like Engineering, Marketing, Retail, Sales, and iTunes. His contributions have been instrumental in both financial strategy and product development. Before joining Apple, Parekh has experience working at Thomson Reuters and General Motors in Europe and Asia.
He received a Bachelor's in Electrical Engineering from the University of Michigan and his MBA from the University of Chicago..
