Indian-origin Kevan Parekh takes charge as new Apple CFO, now his salary is Rs...

In August 2024, Apple Inc. announced that Kevan Parekh would step into the Chief Financial Officer (CFO) role beginning January 1, 2025, succeeding Luca Maestri. Parekh, who has Indian roots, was Apple’s Vice President of Financial Planning and Analysis and has been with the company for 11 years.

Apple informed its investors about this transition on a recent Friday. The announcement stated, “As part of Apple Inc.’s previously disclosed CFO transition plan, the Board of Directors has appointed Kevan Parekh, 53, as Senior Vice President and Chief Financial Officer, effective January 1, 2025.”

Joining Apple in June 2013, Parekh holds a Bachelor’s degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. Throughout his tenure at Apple, he has held various key positions, overseeing financial planning, investor relations, and market research. His experience also extends to sales, retail, and marketing finance, where he collaborated closely with product marketing and engineering teams. According to Bloomberg, Maestri has been grooming Parekh for this position, making him a logical successor. Although he may not be widely recognised outside the company, he is regarded as a significant player within Apple and often reports directly to CEO Tim Cook regarding financial matters.

Apple also disclosed that Parekh’s annual salary will be $1 million (approximately Rs 8.57 crore), and he is eligible to participate in the Executive Cash Incentive Plan for fiscal year 2025.

Before he was appointed CFO, Parekh played a crucial role in shaping Apple's financial strategies and operations across various departments. His extensive background includes senior leadership positions at Thomson Reuters and General Motors before joining Apple. Tim Cook praised Parekh’s intellect and judgment, emphasizing his deep understanding of the company as a key factor in his selection for this pivotal role.