Summary
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 million, 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.
Key Highlights
- 1Kevan Parekh appointed as new Senior Vice President, Chief Financial Officer, effective January 1, 2025.
- 2Mr. Parekh succeeds Luca Maestri as CFO.
- 3New CFO Kevan Parekh's annual salary increased to $1 million.
- 4Mr. Parekh eligible for a target bonus opportunity of 175% of base salary under the Executive Cash Incentive Plan for fiscal year 2025.
- 5Awarded 36,767 performance-based RSUs vesting October 2027, contingent on total shareholder return relative to S&P 500.
- 6Awarded 36,767 time-based RSUs vesting in installments through April 2029.
- 7No reportable family relationships or disclosable transactions between Mr. Parekh and Apple executives/directors.