Skip to content
Search

Latest Stories

Apple appoints Kevan Parekh as CFO, succeeding Luca Maestri

Parekh, who most recently served as vice president of financial planning and analysis, will join Apple’s executive committee in his new role. (Photo credit: X/@SusanLiTV)
Parekh, who most recently served as vice president of financial planning and analysis, will join Apple’s executive committee in his new role. (Photo credit: X/@SusanLiTV)

APPLE announced on Monday that Kevan Parekh, an insider with over a decade of experience at the company, will become its new chief financial officer. He will replace Luca Maestri, a long-serving company veteran, who will step down from the role on January 1, 2025.

This leadership change occurs as Apple prepares for its upcoming product launch season, which analysts have described as the most significant iPhone software upgrade in recent years.


The launch includes new artificial intelligence features, which are critical for Apple as it seeks to address slowing global sales, particularly in China, and to compete more effectively with rivals introducing AI enhancements.

Parekh, who most recently served as vice president of financial planning and analysis, will join Apple’s executive committee in his new role.

“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,” said DA Davidson analyst Gil Luria.

Luria added that Parekh would need to continue prudent capital management and might also be responsible for revisiting Apple’s strategy on potential acquisitions.

Prior to joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors.

Apple confirmed that Maestri would continue to lead the corporate services teams, including information systems and technology, information security, and real estate and development, and will report directly to CEO Tim Cook.

During Maestri’s tenure, Apple more than doubled its revenue, with significant growth in services revenue.

“Apple filling the role with an internal candidate should make the transition a bit smoother… any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri,” noted analysts from Piper Sandler.

Earlier this month, Apple reported better-than-expected third-quarter iPhone sales and projected further gains, with a focus on artificial intelligence to attract buyers. However, the company’s overall performance in China remained disappointing.

In recent years, iPhone sales have slowed due to fewer significant upgrades in new models and competition from Android-based smartphone brands offering high-end features at lower prices.

At its developers conference in June, Apple introduced several AI features under the “Apple Intelligence” banner, including updates to Siri and integration with ChatGPT.

Apple’s shares were down nearly 1 per cent in extended trading.

(With inputs from Reuters)

More For You

Report exposes finance industry's failure to promote women

The slow progress was attributed to restructuring, low turnover in senior management and hiring freezes. (Photo: Getty Images)

Report exposes finance industry's failure to promote women

FINANCIAL INDUSTRY in the country has made little progress in recruiting more women to top positions, a new report from the finance ministry said on Thursday (3), a pace of change the head of British insurer Aviva called "unacceptable".

Further progress may be harder as financial firms and other companies try to balance promises they have made with US president Donald Trump's drive to crack down on diversity and inclusion-related goals.

Keep ReadingShow less
JLR-Tata-Getty

The automotive sector is among the hardest hit. British-made vehicles, which generated £9 bn in exports to the US last year, are now subject to a 25 per cent tariff. (Photo: Getty Images)

Getty Images

Trump’s tariffs impact UK auto, food, steel and defence exports

BRITISH exports to the US worth over £182 billion annually are now subject to new tariffs under policies announced by Donald Trump.

Most goods will face a 10 per cent tariff, with certain items subject to higher rates and some exemptions.

Keep ReadingShow less
Top court reviews car loans as
banks brace for major payouts

Many drivers took out loans unaware of the financial terms involved

Top court reviews car loans as banks brace for major payouts

THE UK’s highest court on Tuesday (1) began a hearing to determine whether controversial car loans were unlawful, in a case that could cost banks billions of pounds in compensation.

Banks are appealing a landmark ruling by a court of appeal in November that deemed it unlawful for car dealers to receive a commission on loans without sufficiently informing borrowers.

Keep ReadingShow less
India jewellery

The US accounts for nearly £7.6 billion, or 30.4 per cent, of India’s annual gems and jewellery exports.(Photo: Reuters)

Reuters

India’s jewellery exports face decline as US tariffs hit

INDIA’s £24 billion gems and jewellery industry is preparing for a sharp decline in exports as the US imposes a 26 per cent tariff on Indian goods.

Industry officials said this would significantly affect sales to the US, India’s largest jewellery market.

Keep ReadingShow less
ronnie screwvala

Ronnie Screwvala’s rise to billionaire status is an inspiring story of vision

Getty

Ronnie Screwvala: From toothbrush seller to Bollywood's lone billionaire

The 2025 edition of the Forbes Billionaire List was released on Wednesday morning, showcasing the world's wealthiest individuals. The list features 3,028 billionaires globally, including 205 from India. Among these is Bollywood's only billionaire, Ronnie Screwvala, a media mogul whose journey from manufacturing toothbrushes to becoming a leading entrepreneur is nothing short of remarkable. With a net worth of $1.5 billion, Screwvala has surpassed the combined fortunes of Bollywood’s biggest stars, including Shah Rukh Khan, Salman Khan, and Aamir Khan.

Bollywood’s wealthiest man

Ronnie Screwvala stands as the richest person from the Hindi film industry, with a fortune exceeding that of its biggest icons. According to Forbes, his net worth of $1.5 billion surpasses the combined wealth of Shah Rukh Khan ($770 million), Salman Khan ($390 million), and Aamir Khan ($220 million), whose total stands at $1.38 billion. Additionally, he eclipses other notable figures such as Gulshan Kumar (approximately $900 million) and Aditya Chopra ($800 million). His financial success is a testament to his entrepreneurial acumen and strategic investments in both entertainment and education sectors.

Keep ReadingShow less