Indian-origin Kevan Parekh, who has been appointed as the brand new chief monetary officer of Apple Inc. efficient January 1, 2025, will obtain an annual wage of $1 million ( ₹8.57 crore).
Parekh, who joined Apple in June 2013, has beforehand held roles reminiscent of vp of economic planning and evaluation and vp of finance for gross sales, advertising, and retail.
Prior to Apple, he served in senior management positions at Thomson Reuters and General Motors. He succeeds Luca Maestri as a part of the corporate’s CFO transition plan.
Apple had introduced on August 27, 2024 Parekh as its new chief monetary officer. In an announcement, Tim Cook, the corporate’s chief government officer (CEO), stated, “For greater than a decade, Kevan has been an indispensable member of Apple’s finance management crew, and he understands the corporate in and out. His sharp mind, sensible judgment, and monetary brilliance make him the proper option to be Apple’s subsequent CFO.”
Born in 1972, Parekh holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.
“As a part of Apple Inc.’s (“Apple’s”) beforehand introduced Chief Financial Officer transition plan, Apple’s Board of Directors appointed Kevan Parekh, 53, as Apple’s Senior Vice President, Chief Financial Officer, efficient January 1, 2025. Mr. Parekh succeeds Luca Maestri within the position of CFO,” Apple stated in Form-8K file with the United States Securities and Exchange Commission.
Apple additionally revealed added that Parekh’s annual compensation has been elevated and now stands at $ 1 million.
“Mr. Parekh’s annual wage was elevated to $1 million, efficient January 1, 2025, and he’s eligible to take part within the Apple Inc. Executive Cash Incentive Plan for fiscal yr 2025 on the identical foundation as Apple’s different named government officers, with a goal alternative of 175% of base wage primarily based on his time in his respective roles for fiscal yr 2025,” stated Apple to SEC.