(Reuters) – Apple on Monday named insider Kevan Parekh as chief financial officer, replacing Luca Maestri, who will step down from the position on Jan. 1, 2025.

Parekh has been with Apple for more than a decade and will join the company’s board of directors. He most recently served as vice president of financial planning and analysis.

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

The leadership change comes ahead of Apple’s numerous new product launches this fall, which analysts are calling the most extensive software upgrades for the iPhone.

It includes artificial intelligence features that are critical for Apple as the company looks to reverse its global sales decline, 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, and report to CEO Tim Cook.

As CFO, Maestri helped Apple more than double its revenue, with services revenue increasing more than fivefold.

The iPhone maker’s shares lost 1 percent in extended trading.

Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast further gains as the company relies on artificial intelligence to attract buyers, even as its China business was disappointing overall.

At its developer conference in June, Apple announced a number of AI features under the umbrella of “Apple Intelligence,” including a redesigned Siri and integration with ChatGPT.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)