01—Abstract
Summary
Summary of the 8-K filed January 3, 2025. Cited figures are marked; the original filing is the authoritative source.
Apple Inc. has announced a significant leadership change within its finance department, appointing Kevan Parekh as the new Senior Vice President and Chief Financial Officer, effective January 1, 2025.
This transition was part of a previously disclosed CFO succession plan, with Mr. Parekh succeeding Luca Maestri. Mr. Parekh brings extensive experience to the role, having been with Apple since 2013 and holding key positions such as Vice President of Financial Planning and Analysis. His compensation package reflects the importance of his new role, including a base salary of $1 milliona, eligibility for the Executive Cash Incentive Plan, and substantial equity awards.
Investors will be keen to monitor Mr. Parekh's leadership as he steps into this critical position. The details of his new compensation, particularly the performance-based restricted stock units tied to Apple's total shareholder return relative to the S&P 500, underscore the company's focus on long-term performance and shareholder value. The filing also confirms the absence of any related-party transactions or familial relationships that would require further disclosure, providing clarity on the appointment's governance aspects.
02—Key points
Key Highlights
- Kevan Parekh appointed as new Senior Vice President, Chief Financial Officer, effective January 1, 2025.
- Mr. Parekh succeeds Luca Maestri as CFO.
- New CFO Kevan Parekh's annual salary increased to $1 million.
- Mr. Parekh eligible for a target bonus opportunity of 175% of base salary under the Executive Cash Incentive Plan for fiscal year 2025.
- Awarded 36,767 performance-based RSUs vesting October 2027, contingent on total shareholder return relative to S&P 500.
- Awarded 36,767 time-based RSUs vesting in installments through April 2029.
- No reportable family relationships or disclosable transactions between Mr. Parekh and Apple executives/directors.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Apple?
Kevan Parekh has been appointed as the new Senior Vice President and Chief Financial Officer of Apple Inc., effective January 1, 2025.
What is Kevan Parekh's compensation package?
Mr. Parekh's compensation includes a base salary of $1 million, eligibility for the Executive Cash Incentive Plan with a target opportunity of 175% of base salary, and equity awards consisting of 36,767 performance-based RSUs and 36,767 time-based RSUs.
What are the performance conditions for Mr. Parekh's restricted stock units (RSUs)?
The performance-based RSUs are subject to vesting between 0% and 200% of the target number, determined by Apple's total shareholder return relative to S&P 500 companies over a period from September 29, 2024, through September 25, 2027. The time-based RSUs vest in installments on April 1, 2027, April 1, 2028, and April 1, 2029.
Is there any information about potential conflicts of interest with the new CFO?
The filing states that there are no family relationships between Mr. Parekh and any director or executive officer of Apple, nor are there any transactions that require disclosure under SEC regulations.
04—Continue