Apple announced the appointment of Kevan Parekh as Chief Financial Officer, replacing Luca Maestri, who will leave this position on January 1, 2025. Parekh, who has been with Apple for over a decade, most recently served as vice president of financial planning and analysis. He will also join the company’s executive committee. Maestri will continue to lead the corporate services teams, reporting to CEO Tim Cook.
Product Launches and AI Integration
The change comes ahead of Apple’s launch of several new products this fall, including what analysts call the biggest iPhone software update yet. It specifically includes AI features that are crucial for Apple as it seeks to stem a slowdown in global sales, especially in China, and better compete with rivals that have long since unveiled their AI upgrades.
At its developer conference in June, Apple announced a number of AI features collectively called Apple Intelligence, including updates to Siri and integration with OpenAI’s ChatGPT. However, the company postponed the launch of new AI-based features until October. The company plans to introduce new Apple Intelligence features gradually during the end of 2024 and the first half of 2025. We’ll keep you updated on these developments as they unfold.
iPhone sales have slowed in recent years due to a lack of significant upgrades in new models and competition from Android-based smartphones that offer high-end specs at lower prices. NIX Solutions reminds that Apple is expected to present the iPhone 16 on September 10. Along with this, new headphones and watches should also be introduced.
During Maestri’s tenure, Apple more than doubled its revenue, and service revenue more than quintupled. Prior to Apple, Parekh held executive positions at Thomson Reuters and General Motors.