Washington, USA: Indian-American executive Kevan Parekh has been elevated to the position of Chief Financial Officer (CFO) at Apple Inc., following a decade-long tenure with the tech giant. Parekh succeeds Luca Maestri, who held the role for nearly 11 years.

Parekh officially assumed his new responsibilities on January 1, marking a significant milestone in his career.

A first-generation Indian-American, Parekh has been an integral part of Apple since 2013, contributing significantly to the company’s financial planning and strategic initiatives. Before stepping into the CFO role, he served as the Vice President of Financial Planning and Analysis, where he was instrumental in managing the company’s financial framework and supporting its long-term objectives.

His promotion comes with a base annual salary of $1 million, emphasizing the critical nature of his responsibilities. During his time at Apple, Parekh has also held prominent roles, including Vice President of Worldwide Finance Support, overseeing financial operations for key divisions such as Engineering, Marketing, Retail, Sales, and iTunes.

Prior to joining Apple, Parekh brought his expertise to leadership roles at Thomson Reuters and General Motors, earning a reputation for his strategic thinking and operational efficiency.

In August 2024, when Parekh’s appointment was first announced, D.A. Davidson analyst Gil Luria noted, “The transition to a new CFO appears to be well-planned and smooth, which is a key factor. Maestri remaining with Apple also mitigates concerns over potential financial uncertainties.”

Luria further commented, “As the new CFO, Parekh will need to maintain Apple’s disciplined approach to capital management while potentially revisiting opportunities for strategic acquisitions to complement the company’s portfolio.”