As the first Monday of 2025 unfolds, Apple Inc., a leader in technological innovation with a market capitalisation of $3.27 trillion, is witnessing a significant shift in its financial leadership. Kevan Parekh has officially taken over as the new Chief Financial Officer (CFO), succeeding Luca Maestri. This change was confirmed through an 8-K filing with the U.S. Securities and Exchange Commission (SEC).
Parekh’s new role comes at a critical juncture for Apple, with the company on the brink of a $4 trillion valuation, primarily driven by its advancements in artificial intelligence (AI). The decision to appoint a new CFO highlights the increasing importance of financial leadership amid rapid technological advancements and evolving market conditions.
Mr. Parekh's experience is robust; he joined Apple in 2013 and has previously served as Vice President of Financial Planning and Analysis and Vice President of Finance for Sales, Marketing, and Retail. Before his tenure at Apple, he held several senior roles at Thomson Reuters and General Motors. Meanwhile, Maestri will remain with Apple, transitioning to lead the Corporate Services teams, which include information systems, information security, and real estate development.
The transition within Apple reflects a larger trend where CFOs are increasingly seen as strategic partners rather than purely back-office controllers. Historically tasked with compliance and bookkeeping, their roles are now evolving to focus on driving growth and enhancing agility within organisations. This shift is critical as companies face a volatile economic landscape defined by inflation, geopolitical tensions, and a demand for rapid adaptability.
Speaking to PYMNTS, experts in the field note that the top priorities for modern CFOs are shifting towards real-time financial operations, the integration of AI and machine learning (ML), and the need for enhanced compliance while paving the way for strategic growth. Proficiency in cybersecurity and risk management also plays a crucial role as financial leaders navigate complex international markets.
The rising prominence of AI in business operations introduces further challenges for CFOs. With Apple at the forefront of AI innovation, managing these investments becomes a key responsibility for Parekh. As reported by PYMNTS, 75% of CFOs plan to increase their investment in AI, viewing it as an essential tool for gaining insights and operational efficiencies. More than 60% of CFOs are leveraging generative AI for tasks like creating data visualisations and financial reports, which enhance the understanding and accessibility of complex financial information.
Seamus Smith, Executive Vice President and Group President at FIS, commented, “Incorporating data into the money flow will provide significant improvements for businesses. Organizations that are early adopters and larger-scale consumers of new technology will accelerate ahead.”
As CFO roles continue to evolve in 2025, the focus will be on harnessing AI not only for product development but also as a fundamental operational resource. This shifting landscape presents both a challenge and an opportunity, as financial leaders work to unlock new avenues for growth and ensure their companies adapt to a rapidly changing global economy.
Source: Noah Wire Services