Software Engineer

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CFO resigning is another sign they may never be able to rebuild their books

Investment Associate

CFO resigning is another sign they may never be able to rebuild their books- Grapevine

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

Welcome to Office Gossip's Private Community

Unacademy CFO Subbu has resigned. Shit doesn't seems to stopping any soon for Unacademy.

How many more folks from senior leadership will have to resign before investors throw  Mr Munjal out of the company?

Unacademy CFO Resigns

Welcome to Personal Finance's Private Community

What do you think? At least the handwriting is good.

Source: https://shorturl.at/yCHPR

CFO of desi company resigns on paper? Stock up 3%⁉️

Product Manager

Welcome to Business Roles's Private Community

First MBB reduced bonus. Now EY is laying off US partners. Is something up with consulting in general?

Deals are not happening as it used to. Macros uncertainty is keeping clients on budget tightening. The pre-sales consultants are having hard time to convince the clients

Software Developer

Hey Buddies,
I am recently started investing in QUANT ELSS MUTUAL FUND to save taxes. However seems like the probe by SEBI is not going in right direction, including:


-   CEO Resigned.
-   Court Orders for Document Seizure.
-    Mutual Fund not returning much now a days.


What steps should I take after this? Shall I change my mutual fund for ELSS? any suggestions on MF i should start investing in?

Thanks.

What next on Quant Mutual Fund?

Founder

First, they had a layoff.
Lot of good people quit including great people
Then, they had a second lay off 
Some  great people in the leadership quit.
Middle management people are quitting every day.
Only engineers and other people who are not able to get jobs are remaining 
They shut down majority of US acquisitions
They are trying to sell some of them like Tynkr and Epic
Not able to raise funding till now even though trying since December 
Sales is down 90% 
New Inside Sales process is not working 
They are out of runway.

Byjus may shut down

If you are looking for CFO roles

Consultant

INDmoney

- 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

Byju's auditor BDO resigns, second auditor resignation in roughly a year! Dark Knight Returns

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?

Hi , this post is intended to be a disclaimer to anyone who is planning to join Yubi. A lot of things are happening here that show some signs of an impending layoff

1) Several senior folks in tech and product have quit. Also there is no replacement hiring planned for them. Several projects are also getting shelved as a result.

2) there were several open roles a few weeks back and almost all of them are on hold as of now across all depts( tech , business , ops)

3) rampant cost cutting. The lunch options have been reduced to just 1 dal , 1 veg , rice and chapati.  Snacks have been removed too.


Because of several folks quitting in less than 6 months and no replacement hiring , load has increased tremendously on existing members who are themselves trying to leave. 

People have serious doubts on whether any hike or bonus will be given or not this year.

Rampant negativity at Yubi

- 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

have been seeing a lot of startup’s having multiple CXOs leaving within a short duration of them becoming profitable.

Is this another cost saving measure?

What do CXO exits in a profitable startup mean

After a confirmed research, following resignations are happening at Unacademy, resulting in a massive instability in the organisation

1. CHRO
2. COO
3. CTO
4. VP IT & ADMIN
5. CBO ( JM)
6. HEAD OF OFFLINE CENTERS
7. GENERAL COUNSEL
8. IAS COFOUNDER


Adding to this, following BU's have been shut

1. Content Growth
2. Coheshve 
3. Next Level

TRULY SAD TO SEE THE HOUSE OF CARDS FALLING DOWN.

Series of resignations at Unacademy 👾

Program Manager

- SAP's CTO Juergen Mueller steps down due to unprofessional conduct.
- Mueller admits to inappropriate behavior at a past company event.
- CEO Christian Klein to take over technology and innovation responsibilities.
- Thomas Saueressig to manage Mueller's team in global security and cloud compliance.
- Mueller played a key role in establishing SAP Business Technology Platform. 

 Source: [Techcircle](https://www.techcircle.in/2024/09/04/sap-s-cto-steps-down-over-inappropriate-behaviour)

SAP's CTO Resigns Amid Controversy

A thread:

1.	Over the last 2 months, the Chief Business Officer, Head of Marketing, and Head of Enterprise have been laid off.

2.	CEO has surrounded himself with 3-4 Yes Men/Women who have no expertise in the respective domains that they are currently looking at (being called as Founder’s Office staff – but are basically playing the role of glorified postmen/women)

3.	Rest of the senior leadership has been demoted for all practical purposes and all business decisions are taken in weekend meetings between the CEO, and his close friend (who is also acting as the CBO currently)

4.	Work culture has become so toxic that employees across levels are either looking out or jumping ship or even resigning without offers in hand

5.	There is a ton of investor pressure on the CEO to start showing tangible revenue – classic case of raising money at bloated valuations with no business model in place

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