Consumer electronics giant Apple (AAPL) has announced that it will launch its new line-up of iPhones at an event to be held at its Silicon Valley headquarters Sept. 9, and announced plans to replace its current chief financial officer (CFO).
The company is expected to announce new iPhones and Apple Watch models in early September as it does most years ahead of the busy year-end holiday shopping season.
The launch event will be streamed on Apple’s website and YouTube channel, the company said.
This year’s launch, which will be for the “iPhone 16” line, is taking on added excitement as the phones are expected to be the first to include artificial intelligence (A.I.).
How much A.I. the iPhone 16 includes is not known, but Apple has teased that the iPhone 16 will include a redesigned Siri digital assistant interface.
There are also rumors that this year’s iPhones will have bigger screens on the high-end models, a redesigned camera, new colour, and a faster processor.
Apple could also introduce its new operating system for the iPhone on Sept. 9. This year’s version is called “iOS 18,” and is likely to include “Apple Intelligence,” the company’s A.I. system that can reportedly summarize messages and generate images.
On the same day that Apple announced the launch date for the iPhone 16 and, potentially, new Apple Watches, the company also said it plans to replace CFO Luca Maestri on Jan. 1, 2025.
Maestri will be replaced with Apple veteran Kevan Parekh. After Jan. 1, Maestri will continue to lead teams at Apple that are focused on information technology (IT), security and real estate development.
Parekh, the incoming CFO, has previously served as Apple’s vice president of financial planning and analysis.
Maestri has been Apple’s CFO since 2014. During his time in the role, Apple more than doubled its annual sales and net income and expanded its gross margin. The company’s stock has risen more than 800% since Maestri became CFO.
Parekh joined Apple in finance and product marketing in 2013. He previously worked for Thomson Reuters (TRI) and General Motors (GM).
The stock of Apple has risen 26% in the last 12 months and currently trades at $227.18 U.S. per share.
