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

- 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)

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.

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?

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

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

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

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

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?

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 :/