Apple on Monday named insider Kevan Parekh as its chief financial officer, replacing Luca Maestri who will transition from the role on Jan. 1, 2025.

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

Before Apple, Parekh held senior leadership roles at Thomson Reuters and General Motors.

The leadership change comes ahead of Apple's multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone.

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It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a global sales slowdown, particularly in China.

Apple said 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.

As the finance chief, Maestri helped Apple more than double its revenue, with services revenue growing more than five times.

The iPhone maker's shares were down 1% in extended trading.

Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed.

At its developers conference in June, Apple announced a slew of AI features under the umbrella "Apple Intelligence", including a revamped Siri and an integration with ChatGPT.