Apple has appointed Indian-origin Kevan Parekh as its new Chief Financial Officer, effective from January 1, 2025. Parekh, 52, a long-time Apple insider, will succeed Luca Maestri, who has held the CFO role since 2014. Parekh’s promotion marks a significant leadership change as the tech giant navigates a competitive global landscape and gears up for a major iPhone software upgrade.

Having been with Apple for over a decade, Parekh previously served as Vice President of Financial Planning and Analysis. His elevation to CFO comes at a time when Apple is poised to roll out advanced artificial intelligence (AI) features, including a revamped Siri and ChatGPT integration, aimed at enhancing user experience and driving iPhone sales. These AI-powered updates are critical as Apple seeks to address challenges in key markets like China, where competition from Android-based brands offering premium features at lower prices has intensified.

Under Maestri’s tenure, Apple more than doubled its revenue, securing its position as a global leader in technology. Although Apple has faced recent headwinds in China, strong third-quarter iPhone sales have been attributed to growing anticipation around the AI enhancements set to be introduced in the next software update. Maestri will continue to lead Apple’s corporate services teams and report directly to CEO Tim Cook.

Before joining Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors. At Thomson Reuters, he served as Vice President of Finance and later as Corporate Treasurer. At General Motors, Parekh worked in business development and financial operations, including a stint as Regional Treasurer in Zurich.

Parekh holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. His appointment reflects Apple’s commitment to internal talent development as it enters a new phase of growth.