Apple Inc (NASDAQ:AAPL, ETR:APC) is getting a new finance chief at the beginning of 2025.
The tech giant announced that Kevan Parekh, currently vice president of financial planning and analysis, will succeed Luca Maestri as Chief Financial Officer starting next January.
But analysts are expecting a smooth transition from Maestri to Parekh given the latter’s 11-year span at Apple.
Bank of America analysts highlighted Parekh’s already long tenure with the company, noting his deep understanding of Apple’s financial operations positions him well for the role.
Apple’s capital allocation strategy is likely to remain consistent under Parekh’s leadership, with no significant changes anticipated in the near term, Bank of America analysts noted.
“We expect Apple to remain focused on investing in Artificial Intelligence (AI), its own Apple silicon, vertically integrating various parts of the iPhone bill of materials, and on growing the various types of Services,” the analysts wrote.
“We expect new technology advances in the future including potentially a foldable version of the iPhone in the next year or two, and hardware advances to enhance the features/functions of the AI phone.”
Notably, Maestri, who has served as CFO since 2014, will remain with Apple in a new role, overseeing corporate services and reporting directly to CEO Tim Cook.
Bank of America maintained its revenue and earnings estimates for 2024, underscoring its confidence in Apple’s continued financial strength and strategic direction.
Shares of Apple were trading around 0.3% higher in New York on Tuesday.