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, s...

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- 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

Journalist

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

- 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

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

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

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

614 Layoffs @Apple

Engineering Manager

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

Layoffs at Apple soon

Product Marketing Manager

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

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

Amazon, Salesforce layoffs

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

Welcome to Indian Startups's Private Community

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 :/

Rampant Negativity at Yubi Part 2

Growth Manager

Indian Ceos will soon hire CLOs and those INFLUENZA'S FAANG Maama will launch courses for these roles as well.

Paul Vogel joined the company in 2016 as the head of investor relations and was promoted to the position of CFO in 2020.

Amid Mass Layoffs, Spotify's Chief Financial Officer Announces Exit

Chief Layoff Officer!

Senior Consultant

Pichai to take pay cut

Project Manager

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

Investor

What does it mean for employees if CRO of a listed company sold major chunk of their shares and is looking to exit? 

Should we start looking for new gigs?

CRO to exit. What next?

Sales

Any chance of layoffs in swiggy in the technology department?

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

This will pave the way for more Big tech layoffs :/ 
Amazonians and Microsofties - let’s be ready to brace for impact. We shall ride into the sun together together together. Apes together strong!

More Meta layoffs coming

Welcome to Software Engineers's Private Community

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

Let's examine a snapshot of the Swiggy Engineering VPs' status from three months ago and compare it to their current situation.

CTO Dale departed just yesterday.
Storefront - Madhu has been promoted to the role of CTO, and we are awaiting the appointment of a new VP.
ATS - Ashish is currently serving his notice period.
MFP - Piyush has left the company, and Soumya has taken on additional responsibilities.
RNG - Nitesh is currently interviewing with other firms.
DIP - Soumya is still performing well in their role.
DevOps - Anurodh is in charge.
Location Intelligence - Pradnya is currently serving her notice period.

One potential reason for their departure is the recent devaluation, which has resulted in an unofficial 50% reduction in the value of the ESOPs. Given the minimal salary increases, unless prompt action is taken by the remaining leadership, this ship will inevitably sink!

PS The engineers at Swiggy are aware of the alternative interpretation of SOS.

Swiggy SOS

yaar pehli baat to ye ki don't assume that everyone knows the meaning of those god damned  abbreviations ....

Data Scientist

HR is having 15-20 meets everyday, anyone can confirm with their calendar. 

Multiple HRs multiple laid off people. Zero severance. They are pressuring people to resign and saying you have to resign today itself! 

Market is going to get flooded with Paytm folks. 

Worst regret is that management and CEO made bad decisions and flunked compliance / risk. But after crackdown by RBI they are making employees suffer. 

It is heard that this will continue to go on till months. 

There should be a course on how to behave and work like a CEO.

Paytm is laying off people since May 27 (forced resignation)

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

Your take?

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