Apple is set to appoint Kevan Parekh as its Chief Operating Officer (CFO) replacing Luca Maestri as per Economic Times.
Parekh has previously held roles at Thomson Reuters and General Motors before moving to Apple
Apple is set to appoint Kevan Parekh as its Chief Operating Officer (CFO) replacing Luca Maestri as per Economic Times.
Kevan Parekh, who previously served as the company’s vice president of financial planning and analysis, will reportedly join the company’s executive committee.
Parekh has previously held roles at Thomson Reuters and General Motors before moving to Apple.
Luca Maestri will continue his role as the lead of the corporate services team including information systems and technology, information security, real estate and development.
During Maestri’s tenure, Apple reportedly doubled its revenue, with service revenue growing more than five times.
"It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria reportedly said as quoted by the Economic Times.
"(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complimentary acquisitions," he further added.
The shuffle in the company’s top position comes when Apple is set to launch multiple products this fall along with its iPhone’s biggest upgrade. Apple announced that it would roll out a slew of AI feature upgrades under the umbrella of “Apple Intelligence”, including a revamped Siri and an integration with ChatGPT, in its developers conference in June.
The upgrade will reportedly include artificial intelligence features, which the company considers crucial, as it looks to thump its rivals who have also rolled out AI upgrades.
Apple has seen a downfall in its iPhone sales due to a lack of significant upgrades in the newer models and competition from Android-based smartphone brands, which have rolled out higher-end specifications at lower prices. This is particularly true in China.
Earlier this month, Apple reported its iPhone sales for its third-quarter were better than expected and is betting on its artificial intelligence to attract more customers