Cupertino (California), Aug 27 : Apple has appointed Indian-origin Kevan Parekh as its new Chief Financial Officer (CFO) who will also join the the executive team at the tech giant.

Current CFO Luca Maestri will transition from his role on January 1, 2025, Apple said in a statement.

'For more than a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he understands the company inside and out,' said Cook.

'His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple's next CFO,' the Apple CEO added.

Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience.

An electrical engineer with a Bachelor's of Science from the University of Michigan and an MBA from the University of Chicago, Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.

'Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple's Product Marketing, Internet Sales and Services, and Engineering teams,' said the company.

Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook.

'Maestri has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple,' said Cook.

During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.

'It is the greatest privilege of my professional life to serve the world's most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,' said Maestri.

/IANS