Apple Appoints Kevan Parekh as New CFO, Replacing Luca Maestri

Apple names Indian-origin Kevan Parekh as new CFO ahead of iPhone 16 launch

Cupertino tech major Apple has announced the appointment of Indian-origin executive Kevan Parekh as its new Chief Financial Officer (CFO), effective January 1, 2025. Parekh, who has been with Apple for over a decade, will succeed Luca Maestri, a company veteran who has served as CFO since 2014. Maestri will transition from his role at the end of this year but will continue to lead Apple's corporate services teams, reporting directly to CEO Tim Cook. Parekh's appointment comes at a critical time for Apple, as the company prepares for the launch of its iPhone 16 series. The upcoming product launch is expected to include significant software upgrades, including new artificial intelligence (AI) features. These enhancements are seen as crucial for Apple as it seeks to counter a global sales slowdown, particularly in key markets like China, and to stay competitive against rivals who have already integrated AI into their offerings. Meet Kevan Parekh, the new Apple CFO Before being named CFO, Parekh served as Apple's Vice President of Financial Planning and Analysis. His experience spans over a decade at Apple, during which he played a key role in the company's financial strategy and planning. Prior to joining Apple, Parekh held senior leadership positions at Thomson Reuters and General Motors, bringing a wealth of experience to his new role. Under Maestri's leadership, Apple saw its revenue more than double, with services revenue increasing fivefold. He leaves behind a legacy of financial stability and growth that Parekh will now build upon. Apple's focus on India as a key market continues to grow. In the company's Q2 2024 earnings report, CEO Tim Cook highlighted India's robust performance, with the March quarter setting a new revenue record for Apple in the country. Despite a 4 percent year-over-year decline in global revenue, Apple's growth in India helped the company exceed expectations. Cook emphasised the importance of manufacturing in India to remain competitive in the rapidly growing smartphone market. Apple has been expanding its presence in India, with new physical stores in Mumbai's BKC and Delhi's Saket, and continues to develop its distribution channels across the country. As Apple gears up for the iPhone 16 launch, Parekh's leadership will be pivotal in navigating the financial landscape and driving continued growth for the tech giant. The launch is set for September 9, 2024. Even though the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max are expected to bring modest upgrades over last year's models, they'll set the stage for Apple's future AI roadmap, being the first wave of iPhones to launch in the Apple Intelligence era.

Apple names insider Kevan Parekh as finance chief in place of Maestri

Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing Luca Maestri who will transition from the role on Jan. 1, 2025. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. (For top technology news of the day, subscribe to our tech newsletter Today's Cache) It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. Apple to begin assembling iPhone 16 Pro models in India As the finance chief, Maestri helped Apple more than double its revenue, with services revenue growing more than five times. The iPhone maker's shares were down 1% in extended trading. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. Read Comments

Apple Appoints Kevan Parekh As CFO, Replacing Luca Maestri - News18

Tech giant Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri who will transition from the role on Jan. 1, 2025. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria said. "(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complimentary acquisitions." Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times. "Apple filling the role with an internal candidate should make the transition a bit smoother... any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri," Piper Sandler analysts said in a note. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. In recent years, iPhone sales have slowed due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. The iPhone maker's shares were last down nearly 1% in extended trading.

Apple taps insider Kevan Parekh as CFO, replacing Luca Maestri

Tech giant Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri who will transition from the role on Jan. 1, 2025. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria said. "(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complimentary acquisitions." Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times. "Apple filling the role with an internal candidate should make the transition a bit smoother... any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri," Piper Sandler analysts said in a note. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. In recent years, iPhone sales have slowed due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. The iPhone maker's shares were last down nearly 1% in extended trading.

Apple names insider Kevan Parekh as finance chief in place of Maestri

Aug 26 (Reuters) - Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing Luca Maestri who will transition from the role on Jan. 1, 2025. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. As the finance chief, Maestri helped Apple more than double its revenue, with services revenue growing more than five times. The iPhone maker's shares were down 1% in extended trading. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. (Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)

Apple taps insider Kevan Parekh as CFO, replacing Maestri

Tech giant Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri who will transition from the role on Jan. 1, 2025. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria said. "(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complimentary acquisitions." Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times. "Apple filling the role with an internal candidate should make the transition a bit smoother... any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri," Piper Sandler analysts said in a note. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. In recent years, iPhone sales have slowed due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. The iPhone maker's shares were last down nearly 1% in extended trading. (Reporting by Manya Saini and Zaheer Kachwala in Bengaluru; Editing by Arun Koyyur)

Apple taps insider Kevan Parekh as CFO, replacing Maestri

It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades. Parekh, who has been with Apple for more than a decade and will join the company's executive committee, most recently served as vice president of financial planning and analysis. "It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria said. "(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complimentary acquisitions." Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. During Maestri's tenure, Apple more than doubled its revenue, with services revenue growing more than five times. "Apple filling the role with an internal candidate should make the transition a bit smoother... any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri," Piper Sandler analysts said in a note. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. In recent years, iPhone sales have slowed due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. The iPhone maker's shares were last down nearly 1% in extended trading. (Reporting by Manya Saini and Zaheer Kachwala in Bengaluru; Editing by Arun Koyyur)

Apple names insider Kevan Parekh as finance chief in place of Maestri

Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China. Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook. As the finance chief, Maestri helped Apple more than double its revenue, with services revenue growing more than five times. The iPhone maker's shares were down 1% in extended trading. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed. At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT. (Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)

Apple Announces CFO Transition, iPhone 16 Debut: What To Know - Apple (NASDAQ:AAPL)

Maestri will continue to lead the Corporate Services teams, including information systems and technology and information security. Apple, Inc. AAPL shares are trading slightly lower in Monday's after-hours session after the company announced Chief Financial Officer Luca Maestri will transition from the role on Jan. 1, 2025, and will be succeeded by Kevan Parekh, Apple's vice president of Financial Planning and Analysis. The Details: According to the press release, Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. Parekh's transition to CFO is part of a planned succession and he will join the executive team. "Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. 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," said Cook. Read Next: Uber To Bring GM's Cruise Autonomous Vehicles To Its Platform What Else: According to a Bloomberg report, Apple is expected to unveil its iPhone 16 at a product launch event on Sept. 9. The company had previously expected to hold the launch event on Sept. 10, however the Presidential debate between Donald Trump and Vice President Kamala Harris has been announced for that date. According to sources, the latest iPhone will sport larger screens on the Pro models and new camera features, including a dedicated button for taking photos. Apple will also begin rolling out its suite of artificial intelligence tools called Apple Intelligence. AAPL Price Action: According to Benzinga Pro, Apple shares are down 0.62% at $225.78 at the time of publication Monday. Read Also: Cava Group Stock Climbs On Q2 Results: EPS Beat, Sales Beat, Raises Guidance Photo: Shutterstock Market News and Data brought to you by Benzinga APIs