Apple to Replace CFO Luca Maestri on Jan. 1

27 points by sxcurry 10 months ago | 12 comments
  • simonsarris 10 months 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

    Seems like a great guy. I suspect he just wants to ease into retirement slowly.

    • danielvf 10 months 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.
    • ksec 10 months 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.

      • selimnairb 10 months ago
        Dear god don’t put a finance guy in charge of security.
        • mc32 10 months 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 10 months ago
            Given the phrasing was "continue to lead", I think he was already there.
          • p1esk 10 months ago
            The company seems to be doing well, but he’s getting the boot. What did he do?
            • syntheticnature 10 months 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 10 months 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.

                • applewire 10 months ago
                  It’s part of a planned transition.
                  • testfrequency 10 months ago
                    Externally doing well
                    • cqqxo4zV46cp 10 months ago
                      Who said anything about the boot?
                      • tines 10 months ago
                        [flagged]
                      • 10 months ago