Parekh, who joined Apple in June 2013, has previously held roles such as vice president of financial planning and analysis and vice president of finance for sales, marketing, and retail.

Prior to Apple, he served in senior leadership positions at Thomson Reuters and General Motors. He succeeds Luca Maestri as part of the company’s CFO transition plan.

Apple had announced on August 27, 2024 Parekh as its new chief financial officer. In a statement, Tim Cook, the company’s chief executive officer (CEO), said, “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.”

Born in 1972, Parekh holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.

“As part of Apple Inc.’s (“Apple’s”) previously announced Chief Financial Officer transition plan, Apple’s Board of Directors appointed Kevan Parekh, 53, as Apple’s Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh succeeds Luca Maestri in the role of CFO,” Apple said in Form-8K file with the United States Securities and Exchange Commission.

Apple also revealed added that Parekh’s annual compensation has been increased and now stands at $ 1 million.

“Mr. Parekh’s annual salary was increased to $1 million, effective January 1, 2025, and he is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for fiscal year 2025 on the same basis as Apple’s other named executive officers, with a target opportunity of 175% of base salary based on his time in his respective roles for fiscal year 2025,” said Apple to SEC.