Kevan Parekh, protege of current Apple Inc. Chief Financial Officer (CFO) Luca Maestri, has been named as the apparent successor to the role, Bloomberg reported on August 27.
Maestri, who has held the role since 2014, will cede the post to the Indian heritage Parekh for a smaller post in the company, from January 1, 2025, it added. Maestri said he has “enormous confidence” in his successor.
Notably, Italian-origin Maestri will continue at the tech juggernaut in a "reduced role" overseeing information technology and real estate functions and reporting to Cook, as per the Bloomberg report.
Under Maestri, the company became a service provider, a move that is credited for much of its revenue growth, it added.
With over 11 years at Apple, Parekh is an internal hire for the CFO post at the tech giant. He has long been deputy to 60-year-old Maestri, who oversaw Apple's finances in the post-Steve Jobs era. He will report to Apple ECO Tim Cook.
“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," Cook said in a statement from the company.
Parekh at present is in charge of Apple's oversees financial planning, investor relations and market research functions. He took on additional functions in 2023 when Maestri's other deputty Saori Casey moved to Sonos Inc.
Parekh has been "groomed" for the role by Maestri over the past "several months", the Bloomberg report said, adding that Apple has been planning to name the Indian American executive as next CFO since May 2024.
It noted that Parekh has increasingly attended private meetings with Apple financial analysts and partners.
The transition will likely be a smooth one, Bloomberg Intelligence analysts Anurag Rana and Andrew Girard said in a note. The change “appears to us to be part of a normal management-planning move,” they wrote.
“We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,” Cook said of Maestri.
Apple’s management team is likely due for more changes in the foreseeable future as many of its executives near 60 years of age and have been at the company for decades, the report said.
Apple shares fell as much as 1.7 per cent in late trading, but regained most of the ground.
(With inputs from Bloomberg)
