Apple names Kevan Parekh as new CFO effective January 2025

Published 08/26/2024, 04:50 PM
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CUPERTINO, Calif. - Apple Inc. (NASDAQ:AAPL) announced a significant change in its executive team today, with the transition of its Chief Financial Officer Luca Maestri set for January 1, 2025. Maestri will shift his focus within the company to lead Corporate Services teams, continuing to report to CEO Tim Cook. Kevan Parekh, currently the Vice President of Financial Planning and Analysis at Apple, is set to succeed Maestri as CFO.

During his tenure as CFO, Maestri played a pivotal role in Apple's financial growth, overseeing a period during which the company's revenue more than doubled. Under his financial stewardship, Apple also experienced a substantial increase in services revenue, which grew by over five times. Maestri's contributions extend to shareholder engagement and the establishment of financial discipline throughout the organization.

Tim Cook praised Maestri's impact, noting his leadership and insight have been significant to Apple's success. Cook expressed confidence in Maestri's continued contribution in his new role and lauded Parekh as an ideal successor, citing his deep understanding of the company and financial acumen.

Parekh, an 11-year veteran at Apple, has been instrumental in various financial leadership roles and is highly regarded for his judgment and expertise. His background includes significant positions at Thomson Reuters (NYSE:TRI) and General Motors (NYSE:GM), and he holds an electrical engineering degree from the University of Michigan as well as an MBA from the University of Chicago.

Apple, a pioneer in personal technology since the launch of the Macintosh in 1984, continues to be a leader in the field with a range of products and services. The company emphasizes innovation across its device ecosystem and software platforms, striving to offer seamless experiences for users while also focusing on services such as the App Store, Apple Music, and Apple Pay.

The announcement of the CFO transition is based on a press release statement from Apple. This change in leadership comes as the company prepares for future financial strategies and maintains its commitment to innovation and market leadership.

In other recent news, major technology companies, including Google (NASDAQ:GOOGL), Meta (NASDAQ:META), Apple Inc, Amazon, and Grab, have requested the Malaysian government to reconsider its recent plan mandating social media platforms to obtain a license. The Asia Internet Coalition (AIC) expressed concerns about the potential suppression of innovation due to excessive business burdens. Paramount Global is reportedly considering partnerships with Amazon.com (NASDAQ:AMZN) and Apple to enhance its streaming TV business, indicating a strategic pivot towards technology partnerships.

Apple Inc has announced amendments to its corporate bylaws to refine the process for shareholder proposals and director nominations, aiming to streamline shareholder participation in corporate governance matters. The company is also preparing for a significant product launch, expected to feature its latest iPhone lineup, new AirPods, and watches, with a particular emphasis on AI enhancements.

Apple Inc is adjusting its approach to user browser selection and app deletions in response to the European Union's Digital Markets Act, allowing users to select from a variety of web browsers and services on their devices. These are among the recent developments as the company continues to adapt and innovate in the rapidly evolving digital landscape.

InvestingPro Insights

As Apple Inc. (NASDAQ:AAPL) prepares for a significant transition in its executive team with the upcoming change in CFO, the company's financial health and market position remain robust. According to InvestingPro data, Apple boasts a formidable market capitalization of $3.44 trillion USD, reflecting its status as a titan in the tech industry. The company's P/E ratio stands at 34.28, signaling a high valuation by investors who are willing to pay a premium for its shares.

InvestingPro Tips highlight that Apple has raised its dividend for 13 consecutive years, demonstrating a commitment to returning value to shareholders consistently. Additionally, the company's stock is known for low price volatility, which may appeal to investors looking for stable returns in a company with a strong foothold in the Technology Hardware, Storage & Peripherals industry.

In terms of financial performance, Apple's revenue for the last twelve months as of Q3 2024 reached $385.6 billion USD, with a modest growth of 0.43%. The company's gross profit margin during the same period was a healthy 45.96%, showcasing its ability to maintain profitability.

For readers interested in deeper analysis and more InvestingPro Tips, there are 18 additional tips available at: https://www.investing.com/pro/AAPL. These insights could provide valuable context for understanding Apple's financial dynamics as it continues to innovate and lead in the personal technology space, even amidst changes in its executive team.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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