With the start of this year one more Indian-origin name has been added in top Industrial leaders, Kevan Parekh has officially assumed the role of Apple’s Senior Vice President and Chief Financial Officer (CFO).
Succeeding Luna Maestri who served as Apple’s CFO for a decade, Parekh has held key leadership roles, including the role of Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail in the company.
Announcing Parekh’s appointment in August 2024, Apple has highlighted his 11-year experience at the company since his joining in 2013.
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A Strategic Move for Apple
Before joining Apple, Parekh also held senior roles at Thomson Reuters and General Motors, bringing extensive experience in corporate finance and strategic planning. His expertise has been instrumental in strengthening Apple’s financial planning and operational efficiency.
Tim Cook, Apple’s CEO, praised Parekh’s deep understanding of the company, stating, “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
As per reports, the new CFO will earn an annual salary of $1 million (Rs 8.57 crore) and will be eligible for performance-based incentives under Apple’s Executive Cash Incentive Plan for fiscal year 2025. Additionally, Parekh has been granted restricted stock units (RSUs) scheduled to vest in 2027.
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Expansion in India
Parekh’s appointment comes as Apple continues to expand its footprint in India as the company plans to assemble 32% of global iPhone production volume in India by 2026-27.
Apple is set to open four new retail stores in Bengaluru, Pune, Delhi NCR, and Mumbai, capitalising on growing sales in one of its most promising markets.
Additionally, the company has recently established a new subsidiary, Apple Operations India, to focus on research, design, and support for local manufacturing partners.
