What's the salary of Kevan Parekh, Apple's new Indian-origin CFO?
What's the story
Apple announced Indian-origin executive Kevan Parekh has taken charge as its new Chief Financial Officer.
He took over from Luca Maestri, who had been the company's CFO since 2014. The transition was announced in August 2024 and came into effect on January 1.
Parekh's appointment comes at a critical juncture as Apple is pivoting its focus toward emerging markets like India and Southeast Asia. His annual compensation now stands at $1 million (around ₹8.5 crore).
Career progression
Journey and responsibilities at Apple
Joining Apple in 2013, Parekh has held key positions in financial planning and worldwide finance.
As CFO, he will lead the firm's accounting, business support, financial planning and analysis, treasury, investor relations, internal audit as well as tax functions.
Before this, Parekh was Apple's Vice President of Financial Planning and Analysis, where he played a key role in financial and business planning.
He has also been Vice President, Finance for Sales, Marketing, and Retail.
CEO's endorsement
Tim Cook praises Parekh's financial acumen
Apple CEO Tim Cook also praised Parekh for his contributions to the company.
"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," Cook said.
He further lauded Parekh's sharp intellect, wise judgment, and financial brilliance as qualities that make him an ideal choice for Apple's next CFO.
Professional background
Parekh's experience and expertise
Before joining Apple, Parekh spent over two decades leading global finance teams at major corporations such as General Motors and Thomson Reuters.
His extensive knowledge of the tech and automotive sectors is expected to come in handy in his new role as CFO.
Industry experts believe that Parekh's deep understanding of Apple's business makes him well-equipped to guide the company through its strategic shift toward emerging markets.
Apple's announcement
Apple has also notified investors about the transition
Apple notified investors on Friday about Parekh's new role.
"As part of previously announced Chief Financial Officer transition plan, Apple's Board of Directors appointed Kevan Parekh, 53, as Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh succeeds Luca Maestri in the role of CFO."
Furthermore, he is now eligible to participate in the company's Executive Cash Incentive Plan for fiscal year 2025.