Luca Maestri, Apple's CFO for over a decade, to leave role in early 2025  Kevan Parekh, VP of financial planning, named as Maestri's successor  Maestri praised by CEO Tim Cook for financial leaders...

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- Luca Maestri, Apple's CFO for over a decade, to leave role in early 2025
- Kevan Parekh, VP of financial planning, named as Maestri's successor
- Maestri praised by CEO Tim Cook for financial leadership during tenure
- Apple's market cap surpassed $3tn under Maestri's financial stewardship
- Transition comes as Apple prepares for AI-powered devices and iPhone 16 launch 

 Source: [Financial Times](https://www.ft.com/content/beedadd9-af8f-47d2-aef4-e4273f5e0c23)

Apple CFO Luca Maestri to Step Down, Succeeded by Kevan Parekh

Journalist

Apple CFO Luca Maestri to Step Down, Succeeded by Kevan Parekh- Grapevine

- Apple's CFO Luca Maestri to be replaced by Kevan Parekh on Jan. 1
- Parekh, current VP of financial planning and analysis, seen as 'perfect choice' by CEO Tim Cook
- Maestri to continue leading IT, security, and real estate development teams
- During Maestri's tenure, Apple's stock soared over 800% and annual sales more than doubled
- Move follows recent CFO changes at other tech giants like Alphabet and Meta 

 Source: [CNBC](https://www.cnbc.com/2024/08/26/apple-to-replace-cfo-luca-maestri-on-jan-1.html)

Apple Announces CFO Transition: Luca Maestri to Step Down, Kevan Parekh to Take Helm

https://www.sfchronicle.com/tech/article/apple-tech-layoffs-19386392.php

614 Layoffs @Apple

Engineering Manager

Declared for the states: We’ll pay employees during the full notification period (minimum 60 days).
We’ll also offer a severance package starting at 16 weeks salary plus two weeks for every additional year at Google, and accelerate at least 16 weeks of GSU vesting.

We’ll pay 2022 bonuses and remaining vacation time. 
We’ll be offering 6 months of healthcare, job placement services, and immigration support for those affected. 

Outside the US, we’ll support employees in line with local practices.

Google layoff details

Software Engineer

https://www.bloomberg.com/news/articles/2024-03-18/apple-in-talks-to-license-google-gemini-for-iphone-ios-18-generative-ai-tools?srnd=homepage-asia

Apple & Google tying up to use Gemini for AI in iOS. Big win for Google if this happens.!

Analyst

Hearing Apple may layoff employees soon. With this all FAANG companies would have done layoffs

Layoffs at Apple soon

Product Marketing Manager

Welcome to Office Gossip's Private Community

The new policies introduced by CFO Subramaniam in last 6 months have dented company's revenue massively.

His decisions will show results in long term, but in short term they are incurring losses. In the last investor meeting held with peak xv and softbank, this is the question investors were putting-
1. Why the personal distribution policy of educators was implemented without concrete plan in place?
2. Why growth declined in some of the most profit making businesses?
3. Why were educators being paid heavily without including S&M cost and Tech cost to their revenue?
4. Why suddenly there was a mass dropout of existing educators who were helping in driving revenue?

Good or for Bad, investors feel that decisions lacked ownership and growth intent.

Peak xv and softbank decided to replace CFO with their internal finance consultant, likely Jai Decosta.

What is your take on the decision?

Why was unacademy CFO fired?

Consultant

Looks like meta is going for 3rd or 4th ( honestly lost count)  round of layoffs . 
Articles suggest that 5000 folks might be affected 😕

These are the world's largest tech companies and have billions in profits. How can they not know how many employees they need? And once the market opens next year again they will hire rapidly. 

Is apple the only top tech company that's hiring sensibly?

New Meta layoffs

- Audi has appointed former Ferrari Team Principal Mattia Binotto as the new leader of their Formula 1 project, effective August 1. Binotto will serve as Chief Operating and Chief Technical Officer at Sauber Motorsport AG.
- This move comes as part of a significant leadership overhaul, with Andreas Seidl and Oliver Hoffmann departing the project. Seidl had joined Sauber in January 2023 and was CEO of the Audi team.
- Audi, which took full ownership of the Sauber team earlier this year, aims to compete under its own banner from 2026 with a new power unit developed in-house in Germany.
- Binotto brings over 25 years of F1 experience, having served as Ferrari's Chief Technical Officer before becoming Team Principal in 2019. He left Ferrari in 2022.
- Audi CEO Gernot Dollner expressed confidence in Binotto's ability to contribute significantly to the project, emphasizing the need for clear management structures and efficient decision-making processes to ensure competitiveness in F1. 

 Source: Formula1

Audi Announce Mattia Binotto as New F1 Boss Amid Leadership Restructure

Welcome to Indian Startups's Private Community

How Apple builds its culture from the very first day a new employee joins, sending them this inspiring note

Investor

A subsidiary of Paytm, it has been hit by a string of exits in Senior leadership in last 6 months
CFO: Amit Kapoor, gone
Head of Mutual Funds: Nisharg Golash, gone
Head of Product: Manish Reddy, gone
Head of Growth: Sourav Choraria, gone
Head of Marketing: Divya Chakravarthy, moved internally
Head of Compliance: Sudhendoo Gandhi, moved internally 

You can search these people on LinkedIn to verify.

This is a result of an increasingly toxic work culture where performers are penalized with more work while slackers make merry. This culture is driven from the top with current senior leadership who haven't left the firm have survived by the virtue of sycophancy.

Instead of firing people, they are being asked to resign so that the company is not in news.

I've personally seen this in co's rev teams, a new CTO has been hired from within Paytm. Employees are given 'negative ratings' in appraisal, which the CEO called 'an HR experiment'.

All is not well at Paytm Money

Software Project Manager

As an avid follower of the tech industry, I can't help but marvel at Apple's unprecedented achievement in 2023. For the first time ever, Apple has managed to outsell every other smartphone manufacturer, including the long-reigning Samsung. This is no small feat, especially considering the renewed competition from Huawei and the overall soft spending sentiment in the market. Apple's climb to the top spot is nothing short of a tremendous success.

But let's not forget the other players in the game. The 'other' category, which includes brands like Transsion and Xiaomi, grew by 19% year-over-year, stealing market share from almost all top vendors except Apple. This indicates a significant shift in consumer preferences towards premium devices, a trend that Apple has capitalized on with aggressive trade-in offers and interest-free financing plans.

However, this victory is not without its controversies. While Apple enjoys its moment in the sun, it's worth noting that the overall smartphone market declined by 3.2% in 2023, hitting a decade low. This raises questions about the sustainability of Apple's growth in a shrinking market. Moreover, the intense competition within the Android space, with brands like OnePlus, Honor, and Google launching competitive devices, adds another layer of complexity to Apple's success story.

So, is Apple's triumph a sign of its unparalleled innovation and market strategy, or is it merely a temporary win in a volatile market? Only time will tell, but one thing is clear: the battle for smartphone supremacy is far from over.

Did Apple Really Overtake Samsung as the Top Smartphone Seller in 2023?

Software Architect

- Avnish Anand announced his resignation from CaratLane, citing a desire to reprioritise life and pursue other interests.
- Anand spent 13 years at CaratLane in two stints, rising to become cofounder and CEO.
- CaratLane reported a 5% YoY decline in net profit to INR 78.59 Cr in FY24, while operating revenue jumped 41% YoY to INR 3,080 Cr.
- Tata-owned CaratLane has not yet announced a successor to Anand.
- Anand plans to continue working in the startup ecosystem and help build more CaratLanes, while also exploring other interests. 

 Source: [Inc42](https://inc42.com/buzz/avnish-anand-steps-down-as-caratlane-md-ceo/)

Avnish Anand Steps Down as CaratLane MD & CEO

OpenAI president and co-founder resigns as well

Corporate Strategist

Welcome to Software Engineers's Private Community

I’m not sure how to say this, I’m currently interviewing with Google India for L5 role and have one of the round scheduled next week. After yesterday’s layoff news, I checked with my recruiter and says we’re still on for next week’s interview. Can anyone in Google India share some insights about recent layoffs. Thanks

Google is still hiring in India

Google has potentially lost Google Drive user data.

I am impacted. Cant find files of recent months. They are not much important to me.

https://support.google.com/drive/thread/245055606/google-drive-files-suddenly-disappeared-the-drive-literally-went-back-to-condition-in-may-2023?hl=en

Google drive data lost for users

They did a mass delete for inactive accounts recently, no.
Guess they forgot a WHERE clause

Smartphone sales have lowered and Apple ban from China which is biggest customer of Qualcomm forcing ceo to do all this.

Your take?

Qualcomm layoffs - Ceo declaration.

Senior Consultant

Meta, Amazon, Microsoft, Netflix done. Hope Apple and Google don’t feel fomo 😭

Amazon, Salesforce layoffs

Just wanted to give some updates now that it has been 1 month since the last post

1) Senior Leadership from Tech (3) , a senior director from Product , Finance Head have all resigned. Strategy team has been dissolved. 
2) There are more people in the pipeline and will get more clarity by month end.
3) Everyone over the CTC of 60 lakh has been asked about the revenue that they bring in and based on that, their position is being reconsidered.
4) All contract workers have been terminated. Interns have been told that they won't be receiving PPOs.
5) Senior Management Has been asked to take 20% paycuts. 
6) Even at Junior level, people have been asked to take pay cuts or resign.
7) Lots of tools used in tech are being removed and AWS subscription has also been revised.


Meanwhile HRs have been celebrating on slack channels that Yubi has been ranked in Top 25 companies for career development :/

Apple CFO Luca Maestri to Step Down, Succeeded by Kevan Parekh

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