Kevan Parekh assumed office as the company’s senior vice president and chief financial officer (CFO) on January 1, 2025
The Indian-origin executive took over the position from Luca Maestri, who served as the CFO at Apple for ten years
Along with the promotion, Parekh’s annual salary has increased to $1 Mn
Months after making the announcement, tech giant Apple has informed its investors that Kevan Parekh assumed office as the company’s senior vice president and chief financial officer (CFO) on January 1, 2025.
The Indian-origin executive took over the position from Luca Maestri, who served as the CFO at Apple for ten years.
Along with the promotion, Parekh’s annual salary has increased to $1 Mn, the company in a Security and Exchange Commission (SEC) filing on Friday (January 3).
“…he (Parekh) 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,” the company added.
It is pertinent to note that Parekh joined Apple back in 2013. In his 11 years of stint at the company, Parekh served at various leadership positions including vice president for financial planning and analysis and vice president for finance for sales, marketing, and retail.
Prior to joining Apple, Parekh worked with giants like Thomson Reuters and General Motors Corporation.
As per Apple, Parekh was also awarded with performance based restricted stock units (“RSUs”) under the Apple Inc. Employee Stock Plan 2022, which is scheduled to vest on October 1, 2027.
This comes at a time when Apple is shifting its manufacturing focus to India. The tech giant is mulling to assemble 32% of the global iPhone production volume and 26% of its value in India by 2026-27.
In its manufacturing effort, Apple recently marked its first direct presence in India by setting up a new subsidiary called Apple Operations India. This subsidiary aims to focus on research, design, testing and providing support to third party manufacturers.
Amid growing sales, the company is also mulling to open four more retail stores across Bengaluru, Pune, Delhi NCR, and Mumbai.