Apple has announced Kevan Parekh as its new Chief Financial Officer (CFO), effective January 1, 2025. Notably, he will earn an annual salary of $1 million (₹8.57 crore).
Since joining Apple in June 2013, Parekh has held several key roles. Specifically, he served as Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. Previously, he worked in senior leadership positions at Thomson Reuters and General Motors, further solidifying his expertise in financial management.
Transition from Luca Maestri
Importantly, Parekh will succeed Luca Maestri as CFO as part of Apple’s carefully planned transition. The company first announced this leadership change on August 27, 2024.
High Praise from Tim Cook
Apple CEO Tim Cook highlighted Parekh’s capabilities, stating, “For more than a decade, 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.”
Strong Educational Credentials
Parekh, born in 1972, boasts an impressive educational background. He holds a Bachelor’s degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago, which have undoubtedly contributed to his success.
Compensation Details
Moreover, Apple provided details of Parekh’s compensation in a filing with the SEC. Beginning January 1, 2025, his salary will increase to $1 million annually. Additionally, he will participate in Apple’s Executive Cash Incentive Plan for fiscal year 2025. This plan offers a target bonus of 175% of his base salary, contingent on performance.
Through this transition, Apple underscores its confidence in Kevan Parekh’s leadership and financial expertise, ensuring a smooth progression in its executive team.
