Kevan Parekh Officially Assumes Role as Apple's Chief Financial Officer

Apple notified the SEC today that its Board of Directors appointed Kevan Parekh, 53, as Apple's Senior Vice President, Chief Financial Officer, effective January 1, 2025. Mr. Parekh succeeds Luca Maestri in the role of CFO.

Mr. Parekh joined Apple in June 2013 and assumed his current position in January 2025. His previous positions at Apple include Vice President, Financial Planning and Analysis, and Vice President, Finance for Sales, Marketing, and Retail. Prior to joining Apple, Mr. Parekh held various senior leadership roles at Thomson Reuters and General Motors.

Mr. Parekh's annual salary was increased to $1 million, effective January 1, 2025. He is eligible to participate in the Apple Inc. Executive Cash Incentive Plan for fiscal year 2025 on the same basis as Apple's other named executive officers. This includes a target opportunity of 175% of base salary, based on his time in his respective roles for fiscal year 2025.


Mr. Parekh was previously awarded:
• 36,767 performance-based restricted stock units (RSUs), and
• 36,767 time-based RSUs for fiscal year 2025 under the Apple Inc. 2022 Employee Stock Plan.

The performance-based RSUs are scheduled to vest on October 1, 2027, subject to the terms of the award agreement. Between 0% and 200% of the target number of performance-based RSUs may vest, with the percentage determined based on Apple's total shareholder return relative to companies in the S&P 500 from September 29, 2024, through September 25, 2027.

The time-based RSUs are scheduled to vest in equal installments on:
• April 1, 2027,
• April 1, 2028, and
• April 1, 2029, subject to the terms of the award agreement.

Apple and Mr. Parekh have entered into Apple's standard indemnification agreement for executive officers. There are no family relationships between Mr. Parekh and any director or executive officer of Apple that would be required to be disclosed pursuant to Item 401(d) of Regulation S-K, and there are no transactions between Mr. Parekh and Apple that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.