California/IBNS: American tech major Apple has announced that its long-time employee Kevan Parekh will take over as the company's Chief Financial Officer (CFO) on January 1, 2025.

Indian origin Parekh will take over from Luca Maestri, who has been in the role since 2014.

Maestri will continue to lead the company's Corporate Services teams, including information systems and technology, information security, and real estate and development, reports said.

Apple CEO Tim Cook said, “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out."

"His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook added.

According to reports, this change in leadership comes as the California-headquartered tech giant prepares for a big product launch season.

These new products are expected to include significant updates for the iPhone, especially in artificial intelligence (AI), reports Business Today, adding that these updates are crucial for Apple as the company tries to boost slowing global sales, particularly in China, and keep up with competitors who have already introduced AI features.

Kevan Parekh joined Apple in finance and product marketing in 2013 after four years at Thomson Reuters, reports Hindustan Times.

Parekh, an electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago, previously worked at General Motors, including in overseas operations.