Apple CFO Luca Maestri to step down on January 1: Here's what to know

Published: Aug 26, 2024 Duration: 00:03:56 Category: News & Politics

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>>> A SHAKEUP IN APPLE'S TOP MANAGEMENT TIER AND STEVE KOVAC IS HERE WITH MORE ON THE DETAILS. >> THIS WAS A SHOCKING MOVE HERE. CFO LUCA MAESTRI IS STEPPING DOWN FROM HIS ROLE. THAT'S GOING TO BE EFFECTIVE ON JANUARY 1ST OF NEXT YEAR. TAKING OVER IS KEVAN PAREKH ONE OF LUCA MAESTRI'S TOP LIEUTENANTS HE WAS EXPECTED TO GET THE JOB. HE'LL JOIN THE EXECUTIVE TEAM REPORTING DIRECTLY TO TIM COOK AND LUCA MAESTRI IS GOING TO LEAD A CORPORATE SERVICES TEAM AT APPLE STARTING IN JANUARY. HE HAS A LONG TENURE AT APPLE BECAME CFO IN 2014 ABOUT A YEAR AFTER HE JOINED THE FINANCE TEAM SINCE THEN STOCK IS UP ABOUT 680%. PAREKH HAS BEEN THERE FOR 11 YEARS. WE'RE SEEING AN INTERESTING TREND WITH APPLE EXECUTIVES LEADING THE LEADERSHIP TEAM. PHIL SHILLER IS NOW AN APPLE FELLOW AND DAN RICCIO HE WAS OVER HARDWARE AND NOW HE'S ON DIVISION PRO. THE EXECS LEAVE BUT DON'T REALLY LEAVE. >> I WAS SAYING EARLIER I THINK THAT SHOULD BE COMFORT TO APPLE SHAREHOLDERS. >> 100%. >> IT WOULD BE A DIFFERENT SITUATION IF HE WAS WALKING OUT THE DOOR AND LEAVING ABRUPTLY, THAT WOULD CAUSE CONCERN I THINK. >> EXACTLY. >> IF YOU CAN BUILD THE TEAM OF LEADERSHIP AND CONTINUE TO KEEP PEOPLE INTERESTED IN AND NOT BURN THEM OUT AT A PACE, KEEP THEM INTERESTED IN THINGS THEY'RE DOING THAT'S GOOD. >> YES. AND APPLE HAS BEEN GOOD WITH THE LEADERSHIP TEAM. >> LUCA MAESTRI IS VERY KEY. >> LUCA IS VERY KEY. I MEET WITH HIM EVERY QUARTER BUT PAREKH IS IN THE ROOM TOO. THIS IS NOT FOREIGN TO HIM. >> THIS IS SOMETHING THAT TIM COOK DOES SO WELL. >> YOU DON'T SEE IT AT STARBUCKS, DISNEY. EVEN ANOTHER FOUNDER LED COMPANY LIKE AMAZON FIGURED IT OUT BUT SOME OTHER COMPANIES JUST NOT HAVING IT. >> IT'S KIND OF SHOCKING TO SEE -- >> BARELY REACTING. >> IT TELLS YOU HOW WELL THEY'VE DONE THE MOVE. >> WHEN IT FIRST BROKE LAST NIGHT IT WAS DOWN .8, PAIRED BACK AFTER PEOPLE DIGESTED IT, IT'S A NOTHING THING. STEADY AS SHE GOES. >> HE'S NOT OLD. >> 60 I THINK. >> HE IS 60 BUT -- >> TO ME THAT'S OLD. >> TO YOU THAT'S OLD. >> TO ME IT JUST MEANS WISE. HE ACTUALLY MIGHT KNOW SOMETHING WHICH DOESN'T COME TILL ABOUT 45. HOW OLD ARE YOU? >> 31. >> ANY GUESSES ON HOW MUCH HE'S WORTH. >> THE NEW GUY OR -- >> THE OLD GUY. >> A LOT. >> I KNOW. THEY DIDN'T DISCLOSE IT BUT PEOPLE FIGURED IT OUT. I DON'T KNOW IF IT'S EXACT. 506. >> MILLION? >> YEAH. >> THAT'S MORE THAN I MAKE. >> FOR A CFO. >> NOT A FOUNDER. >> IT SPEAKS TO THE IMPORTANCE -- >> I THINK THEY'RE LOOKING AT HIS HOLDINGS AND ADDING IT UP. I DON'T KNOW IF IT'S EXACTLY -- I WONDERED. >> PROBABLY HOLDING TO APPLE'S SHARES FOR A LONG TIME. >> A LOT OF RSUs. >> I DON'T KNOW WHY I IMMEDIATELY THINK HOW MUCH MONEY HAS HE GOT. I'M NOT TRYING TO KEEP SCORE ON SOMEONE BASED ON MONEY. >> BUT THE PERFORMANCE OF THE COMPANY. >> THAT'S WHAT I MEAN. >> YEAH. >> IF YOU'RE

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