Kevan Parekh: Apple's new CFO is the first Indian-origin executive to take over

Technology giant Apple has announced Kevan Parekh as its new Chief Financial Officer. ditionally, through this appointment, Parekh has become first executive of Indian origin to hold important role within company. He will take over from Luca Maestri, a long-serving Apple veteran, who is indeed set to hang his boots on January 1, 2025.

Having spent more than a dece at Apple, Parekh has gone on to receive promotion after promotion which has taken him to title of Vice President of Financial Planning and Analysis. This new posting as CFO means that Parekh will join ranks of Apple's prestigious Executive Committee that makes most important decisions in mapping future financial strategies for competitive tech landscape.

Kevan Parekh comes with a professional track record in finance and leership to suit Apple environment. Previously, he was at Thomson Reuters and General Motors, where he developed his skills at a senior level, including financial management and enterprise corporate strategy. His rich and varied experience in industry, coupled with understanding global markets, has really proven to be an ded value to Apple's strength, more so when inquired upon, if it can go ahe with dominance over market.

leership change in Apple is going at a very hectic period for company with several key product launches set for this fall. This means substantial software updates for iPhone, set to have new artificial intelligence characteristics and capabilities able to rekindle global sales, especially in critical China. Said analysts, this might be one of biggest product cycles Apple has gone through in past several years.

D.A. Davidson analyst Gil Luria reacted to move, saying that very planned and orderly nature of it should reduce concern on part of investor community. Luria also me point that because Parekh is an internal candidate, most believe Apple will continue to be "conservative" with its capital, but he does "not rule out some new approaches.".

As CFO, Parekh will be tasked to navigate through maze of financial complexities of world's largest and most rical tech company. He will need to balance ongoing investments at Apple around innovation, from AI to whatever new categories it plans 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. uptick in services was especially robust, increasing upwards of fivefold. Continuing to le company's corporate services teams, including information systems and technology, information security, and real estate and development, Luca Maestri reports directly to CEO Tim Cook.

Analysts at Piper Sandler said transition to Parekh should be relatively smooth, given his vast acquaintance regarding Apple's operations, though a change at this level of management always brings with it an element of uncertainty. Broly speaking, though, internal promotion of Parekh is seen as a good move that can extend upon company's financial stability aspect.

(With Reuters inputs)