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Apple Appoints Indian-Origin Kevan Parekh as New CFO Ahead of iPhone 16 Launch

• ByStartupStory     |    August 27, 2024

Apple Inc. 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 a key figure within Apple for over a decade, will take over from Luca Maestri, a veteran who has held the CFO role since 2014. Maestri is set to transition from his current position at the end of this year but will continue to lead Apple’s corporate services teams, reporting directly to CEO Tim Cook.

Parekh’s promotion comes at a pivotal moment for Apple, as the company gears up for the highly anticipated launch of its iPhone 16 series. The new lineup, expected to feature significant software upgrades, including innovative artificial intelligence (AI) functionalities, is crucial for Apple as it aims to counter a global slowdown in sales, especially in key markets like China, and maintain its competitive edge against rivals who have already integrated AI into their products.

Kevan Parekh’s Journey to Apple’s CFO Position

Before his appointment as CFO, Kevan Parekh served as Apple’s Vice President of Financial Planning and Analysis. Over the past decade, Parekh has played an instrumental role in shaping Apple’s financial strategy and planning. His prior experience includes senior leadership roles at Thomson Reuters and General Motors, where he honed the expertise that he now brings to his new role at Apple.

Luca Maestri’s tenure as CFO saw Apple’s revenue more than double, with a fivefold increase in services revenue. His leadership has been synonymous with financial stability and growth, laying a strong foundation for Parekh to build upon.

Apple’s Growing Focus on India

Apple’s focus on India as a key market continues to grow, as highlighted in the company’s Q2 2024 earnings report. CEO Tim Cook emphasized India’s strong 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.

“India is incredibly important to us, and we’re thrilled with the performance we’re seeing there,” said Tim Cook. “We’re committed to deepening our engagement with the market and continuing to expand our presence.”

Cook also stressed the importance of manufacturing in India to remain competitive in the rapidly growing smartphone market. Apple has been expanding its footprint in India with the opening of new stores in Mumbai’s Bandra Kurla Complex (BKC) and Delhi’s Saket, alongside the development of its distribution channels across the country.

The Road Ahead: iPhone 16 and Apple’s AI Future

As Apple prepares for the iPhone 16 launch on September 9, 2024, Kevan Parekh’s leadership will be crucial in navigating the financial landscape and driving continued growth for the tech giant. The upcoming iPhone 16 series, including the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max, is expected to feature modest upgrades over last year’s models. However, these devices will set the stage for Apple’s future AI roadmap, marking the first wave of iPhones launched in what Apple is calling the “Apple Intelligence era.”

“We are entering an exciting new chapter at Apple,” said Kevan Parekh. “I’m honored to take on this role at such a transformative time for the company, and I look forward to continuing our legacy of innovation and growth.”

As Apple navigates this new era, Parekh’s appointment signals a commitment to strong financial leadership, ensuring that the company remains at the forefront of technological advancements while maintaining its robust financial health.

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