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Apple to Replace CFO Luca Maestri on Jan. 1

27 points by sxcurry 2y ago

p1esk 2y ago
The company seems to be doing well, but he’s getting the boot. What did he do?
- testfrequency 2y ago
  Externally doing well
- tines 2y ago
  [flagged]
- syntheticnature 2y ago
  Given he's sticking around per the article to lead some teams, I expect what he did was "expressed an interest in retiring" and they're trying to create a path to ease concern: "Maestri will continue to lead teams focusing on IT, security and real estate development, Apple said."
- moralestapia 2y ago
  He's not getting the boot. He's 60 and has a nine figure net worth, some people actually want to retire or do other things. Apple has ~a hundred billion cash in hand, that is exceptional performance for a CFO. He's giving a SIX month notice, the VP of finance will take his place, which literally is the natural successor. Absolutely nothing here may suggest there's incompetence or a scandal involved.
- cqqxo4zV46cp 2y ago
  Who said anything about the boot?
- applewire 2y ago
  It’s part of a planned transition.
avidphantasm 2y ago
Dear god don’t put a finance guy in charge of security.
- mc32 2y ago
  Don't put finance people in any place but finance! Of course, we do have an ex-beancounter as the CEO, but that's an exception to the rule.
- syntheticnature 2y ago
  Given the phrasing was "continue to lead", I think he was already there.
simonsarris 2y ago
Tim Cook today: > Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. > We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company. Maestri in 2022: > We run the company very lean. I tell my guys in finance, I don't want you guys to ever benchmark anybody else because you can only get bad ideas. from (video): https://x.com/thomasg_grizzle/status/1586678648731467778 https://x.com/thomasg_grizzle/status/1586678648731467778 Seems like a great guy. I suspect he just wants to ease into retirement slowly.
- danielvf 2y ago
  Agreed - this is very clearly someone wanting less workload, and the company wanting to keep them around. It's also not a rush. This gives four months for a smooth transition.
deleted 2y ago
[deleted]
ksec 2y ago
>Maestri will continue to lead teams focusing on IT, security and real estate development, Apple said. This is actually a good thing because those three are severely lacking in Apple. And it might just because they didn't have the time to look into it. Financial reporting of Apple changed a lot since Steve Jobs passed away and Tim Cook put him in charge. From Tim's preoperative I guess he did a great job. The problem is that Apple has been too focused on those numbers I wonder whether it was Tim's idea, Luca or Eddy Cue. But this is really sad. In terms of CFO, Luca and the ex-Intel CFO Bob Swan, and Stacy Smith are the ones I like and remember on top of my head.

27 points by sxcurry 2y ago

p1esk 2y ago

The company seems to be doing well, but he’s getting the boot. What did he do?

testfrequency 2y ago
Externally doing well
tines 2y ago
[flagged]
syntheticnature 2y ago
Given he's sticking around per the article to lead some teams, I expect what he did was "expressed an interest in retiring" and they're trying to create a path to ease concern: "Maestri will continue to lead teams focusing on IT, security and real estate development, Apple said."
moralestapia 2y ago
He's not getting the boot. He's 60 and has a nine figure net worth, some people actually want to retire or do other things. Apple has ~a hundred billion cash in hand, that is exceptional performance for a CFO. He's giving a SIX month notice, the VP of finance will take his place, which literally is the natural successor. Absolutely nothing here may suggest there's incompetence or a scandal involved.
cqqxo4zV46cp 2y ago
Who said anything about the boot?
applewire 2y ago
It’s part of a planned transition.

avidphantasm 2y ago

Dear god don’t put a finance guy in charge of security.

mc32 2y ago
Don't put finance people in any place but finance! Of course, we do have an ex-beancounter as the CEO, but that's an exception to the rule.
syntheticnature 2y ago
Given the phrasing was "continue to lead", I think he was already there.

simonsarris 2y ago

Tim Cook today: > Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. > We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company. Maestri in 2022: > We run the company very lean. I tell my guys in finance, I don't want you guys to ever benchmark anybody else because you can only get bad ideas. from (video): https://x.com/thomasg_grizzle/status/1586678648731467778 https://x.com/thomasg_grizzle/status/1586678648731467778 Seems like a great guy. I suspect he just wants to ease into retirement slowly.

danielvf 2y ago
Agreed - this is very clearly someone wanting less workload, and the company wanting to keep them around. It's also not a rush. This gives four months for a smooth transition.

deleted 2y ago

[deleted]

ksec 2y ago

>Maestri will continue to lead teams focusing on IT, security and real estate development, Apple said. This is actually a good thing because those three are severely lacking in Apple. And it might just because they didn't have the time to look into it. Financial reporting of Apple changed a lot since Steve Jobs passed away and Tim Cook put him in charge. From Tim's preoperative I guess he did a great job. The problem is that Apple has been too focused on those numbers I wonder whether it was Tim's idea, Luca or Eddy Cue. But this is really sad. In terms of CFO, Luca and the ex-Intel CFO Bob Swan, and Stacy Smith are the ones I like and remember on top of my head.