Tech giant Apple has announced Kevan Parekh as its new Chief Financial Officer. With this appointment, Parekh has become the first Indian-origin executive to hold this important position within the company. He will replace Luca Maestri, a long-time executive at the company. Apple veteran, who will in fact hang up his boots on January 1, 2025.
After spending more than a decade in AppleParekh has received several promotions leading him to the position of Vice President of Financial Planning and Analysis. This new position as CFO means that Parekh will join the ranks of AppleThe prestigious Executive Committee that makes the most important decisions when it comes to outlining future financial strategies for the competitive technological landscape.
Kevan Parekh has a career background in finance and leadership that makes him well suited for… Apple Environment. He previously worked at Thomson Reuters and General Motors, where he developed his skills to a higher level, including financial management and corporate business strategy. His rich and varied industry experience, coupled with knowledge of global markets, has truly proven to be an added value for AppleRussia’s strength, even more so when asked whether it can continue to dominate the market.
The change of leadership in Apple The company is going through a very hectic period, with several key product launches planned for this fall. This means major software updates for the iPhone, which will feature new features and artificial intelligence capabilities capable of reviving global sales, especially in critical China. According to analysts, this could be one of the most important product cycles. Apple has happened in recent years.
DA Davidson analyst Gil Luria reacted to the move, saying that the very planned and orderly nature of it should reduce concern in the investment community. Luria also noted that since Parekh is an internal candidate, most believe that Apple He will remain “conservative” with his capital, but “does not rule out some new approaches.”
As CFO, Parekh will be tasked with navigating the maze of financial complexities of the world’s largest and most radical technology company. He will need to balance ongoing investments in Apple around innovation, from AI to any new category you plan to enter, with this very important need to deliver consistent financial performance in a very competitive market.
Revenue more than doubled during his tenure under Luca Maestri. Growth in services was particularly strong, increasing fivefold. Luca Maestri continues to lead the company’s corporate services teams, including IT & Systems, Information Security, and Real Estate & Development, and reports directly to CEO Tim Cook.
Piper Sandler analysts said the transition to Parekh should be relatively smooth, given his extensive knowledge of AppleWhile a change at this level of management always carries an element of uncertainty, overall, Parekh’s internal promotion is seen as a good move that can spill over into the financial stability of the company.
(With contributions from Reuters)
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