According to reports, Tech giant Apple names insider Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri who will transition from the role on Jan. 1, 2025.

This change in leadership comes ahead of Apple's multiple product launches this fall season, which analysts call the biggest software upgrade for the iPhone.

This is crucial for Apple as it seeks to reverse the slowdown in global sales, especially in China, and become more competitive with rivals rolling out AI upgrades.

Parekh, who has been with Apple for over a decade and joins the company's executive committee, most recently served as vice president of financial planning and analysis.

"It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions," D.A. Davidson analyst Gil Luria says.

"(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple's exploration of complementary acquisitions,” adds Davidson.

According to 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 CEO Tim Cook.

"Apple filling the role with an internal candidate should make the transition a bit smoother any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri," says Piper Sandler analysts.

Earlier this month, Apple announced that third-quarter iPhone sales exceeded expectations, and despite the disappointing performance of its overall China business, the company expects further gains as it bets on artificial intelligence to attract buyers.

Over the past few years, iPhone sales have slowed due to a lack of significant upgrades to new models and competition from Android-based smartphone brands that offer high-end specifications at lower prices.