Apple has announced that Kevan Parekh, currently serving as the Vice-President of Financial Planning and Analysis, will be promoted to Chief Financial Officer (CFO) and join the executive team starting January 1, reported ANI.

The current CFO, Luca Maestri, will step down from his role but will remain with the company, continuing to oversee Corporate Services teams, including information systems and technology, information security, and real estate and development. He will continue to report to Apple Chief Executive Officer (CEO) Tim Cook, according to a statement from the US-based consumer electronics giant.