Apple said its board appointed Kevan Parekh, 53, as Senior Vice President and Chief Financial Officer effective January 1, 2025, as part of the previously announced CFO transition plan, and that he succeeds Luca Maestri.

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   Apple said its board appointed Kevan Parekh, 53, as Senior Vice President and Chief Financial Officer effective January 1, 2025, as part of the previously announced CFO transition plan, and that he succeeds Luca Maestri.

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   The company said Parekh joined Apple in June 2013 and held the roles of Vice President, Financial Planning and Analysis, and Vice President, Finance for Sales, Marketing, and Retail. It said he held senior leadership roles at Thomson Reuters and General Motors before joining Apple.

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   Apple said Parekh's annual salary was increased to $1 million effective January 1, 2025. It said his target opportunity under the Executive Cash Incentive Plan for fiscal 2025 is 175% of base salary.

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   Apple said Parekh was previously granted performance-based RSUs and time-based RSUs for fiscal 2025, totaling 36,767 performance-based RSUs and 36,767 time-based RSUs. The performance-based RSUs are scheduled to vest on October 1, 2027, and between 0% and 200% of the target number may vest based on Apple's total shareholder return relative to companies in the S&P 500.

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