good monday morning. welcome to "squawk alley." i am carl quintanilla with morgan brennan, jon fortt. the fall of an american icon, les moonves is out after a number of new allegations of sexual misconduct. and it marks the first fortune 500 ceo to leave as a result of the me too movement. jane wells joinls s us with more details. >> reporter: moonves is out, half the board is replaced now what will moonves get any severance which could be as reported $120 million. 20 million is being given to a group or groups supporting women in the workplace if the company's outside investigations find he violated cbs policies, even if some alleged events happened years before he was at the network, he could walk away with zero other than benefits fully vested

will cbs be sold or merged with viacom sherry redstone says she won't force it for two years if the new board decides to merge or sell, she's all ears. 6 out of 14 are women on the board. who will be the next ceo joe eianniello? untrue allegations from decades ago are being made against me that are not consistent with who i am it is the end of an era. in a telling moment last november, our julia boorstin asked him to describe his management style. >> i am very hands on. i genuinely respect the people i work with. i have been an employee, i know what it feels like to be an employee i think it's really important that people are not worried about politics either in the next office or from up above

because i know and i have been in times of crisis like that you spend 60, 70% of the time thinking of the crisis and 30% thinking about your job, and the idea for me is to try to relieve that stress from them. >> reporter: again, that was last november. a few stars are speaking out, rachel bloom, co-creator, starve crazy ex-girlfriend tweeted a link to the article. says as an employee of cbs, i would like to say les moonves should be fired without getting a blanking dollar. the actions described in this article are those of sexual assault, shame on anyone else in the corporation that knew about his crimes jed appetow is tweediting he should be going to jail. >> bill, great to have you with

us in this story one of the anecdotes is his treatment of a doctor some years ago. in the story he called the doctor back and apologized for acting that way. when is the last time we saw these allegations and outcome in corporate america? >> well, as jane pointed out, this is one of the very few times a fortune 500 ceo has been caught up in the me too movement it's been complicated much more by the fact that he just signed about an 80 page contract last year that defined clearly whether he could be fired for cause or whether he could leave for good reason. one would result in him getting nothing, the other would result in him getting 200 million obviously the cbs board and

outside investigators are grappling with that now. did he violate any of the cbs rules and regulations and company policies the story i described with him assaulting more or less a doctor who he went to to treat diabetes was when he was president of cbs television i don't know if that's covered by his contract or whether the other allegations made in ronan farrow pieces are outside of the contract i mean, there's still a lot to negotiate here, but he is definitely out it is definitely not consistent with the persona that we all thought that we knew about les moonves, and that he portrayed in that interview that you just showed >> bill, is this going to change anything about the way boards choose ceos or the way boards

continue to vet ceos we have a number of prominent people taken down by these allegations or evidence of that behavior. >> there should be a new clause in any employment agreement to make clear if there are bona fide allegations, provable allegations, proof of sexual assault or sexual harassment, that that defines a cause for firing and makes it clear that there will be no severance payments upon relieving of duties what makes les moonves' contract complicated, there don't appear to be policies like that we're at an inflection point it should be part and parcel of every ceo's contract going forward. >> shares of cbs are down.

when we had reports from david faber we could have resolution around the uncertainties around the company and national amu amusements, it traded higher the fact it is lower, i can't help but wonder if there's concern as we get more and more reports, investigations within cbs are carried out, whether this is a company that's now potentially open to lawsuits, both from shareholders and potentially from some of these women, and i guess what the statute of limitations is on that, given the fact of other examples of me too movement led to things like criminal investigations >> first of all i think there have already been shareholder lawsuits regarding the cbs stock price. i think part of the reason that the stock went up friday is because it appeared that the resolution was coming, the overhang would go away now that we have seen what the resolution is, there may not be any activity in cbs stock for a number of years, no

recombination with viacom for a number of years, that means it has to exist on its own. joe was his designated number two, the person he wanted to take over for him. les was 68 and bound to be retiring soon anyway, so it speaks to a certain amount of continuity, but he is untested, he is not les moonves in terms of being a leader of a media company, so it is the normal between the anticipation of the news and actual receiving of news i think cbs will be fine it is obviously having a great week between programming the last few days, and with fear coming out of bob woodward's book, simon and shoester is a subsidiary of cbs, it is not all bad news i think investors are grappling

where the company goes from here. >> i think good point about the news on delivery, bill stay with us kara swisher joins us as well, recode editor at large joins us. kara, good morning to you. >> thank you >> we could go a number of directions with you, whether it is moonves specifically or the truce with the boards or even cbs's appeal as an asset what strikes you as interesting? >> a question of who is running the company, who is the correct leader of it obviously sherry redstone will have a big say what's going on going forward, the question is whether to keep the incident rim ceo who is a close colleague of les moonves or find someone else, and what do they do with the assets. >> any guesses >> no, i don't i don't actually at the same time, they're grappling with lots of different executives that could do the

job, but cbs was legendary comparatively in terms of length of time there and how much he ran the company, really was in charge of it we had him at code a number of times, and he just was very confident in his role. so i think the company was we'll see what happens when they try for someone else how it sorts itself out, especially in this era of digital, they have to be thinking about all kinds of fast forward things that are going to be happening to the assets of cbs. >> we had a number of people on today critical of the board, critical of how long it took them to take this seriously, critical of their response to not just pharaoh's reporting but "the washington post" and charlie rose how much liability do you think lies close to the board? do you think the remake of the board is a good fix? >> well, yeah, i think that's the issue with these boards, a lot of companies where they had

these problems and not just sexual harassment, it is all kinds of issues around ceos in which we place enormous amounts of trust typically they have unfettered power. the question is do the boards, the way they're configured, it doesn't work the way it is done. that's the bigger question there are so many instances and so many ways of some kind of malfeasance around some of the board members. saw it at uber, cbs. people monitoring these leaders are not doing a good job of it obviously. >> if i remember correctly, it was three months ago sherry redstone was sitting down at the code conference and she seemed to be in an embattled position up against les moonves how does this clarify her position as far as power in national amusements and broader

media landscape, how does this complicate things? >> i think she has an upper hand now, right, because les moonves is leading the whole thing, aggressive competitor and rival to her, the future of cbs, it is a question of how quickly it unfolds. i don't think they have a lot given this situation, i don't think they have a lot of purchase i think she has a lot more power in terms of what's going to happen to cbs. >> kara, thank you bill, we'll watch it closely as shares add to losses it was up in premarket, now down almost 4%. bill cohen, kara swisher. when we come back, we talk to maynard webb.

and the president with a trade warning for apple, calling on the tech giant to build its plants here or risk rising prices with that, apple is down a fourth day "squawk alley" is back in a minute alerts -- wouldn't you like one from the market when it might be time to buy or sell?

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so many corporate stories of leaders. elon musk smoking pot, and gentleman ma leaving the tech giant.

joining us on cnbc, former yahoo chairman maynard webb who has a new book titled "dear founder. great to see you again thanks for joining us today. congratulations on the board of education. >> thank you, carl great to be here >> which has a lot of practical advice on how to raise money, how to get to scale, how to plan for succession i am curious by the line, you talk about things you regret the most you say it is not things you did but what you did not do, failed to do. what do you mean >> oh, so often i think i wished that i had spoken up more on different things and a lot of times in the board room you have a lot of voices and want to be sure every voice is heard. that means you can't always say exactly all the things you want to say, and i have just found in my own life i do better when i bring that out and make sure

there's nothing left unsaid. >> maynard, a lot of founders talk to you, ask for advice i'm sure, you see the landscape and challenges that leaders and leadership is facing what do you think is the most critical issue that leaders, innovators are facing right now that perhaps they can get some insight into out of your book? >> i think it is all about the culture and the values you want to live by, how transparent you want to be i think we need to learn that transparency and integrity never goes out of style. i try to encourage people from the time they start as an infant in their company that they need to have those as crucial values, and you can't lose them as you get bigger >> maynard, i want to dig into the role and your thoughts of the role building a strong board plays into this with a founder building a company, given the fact we have seen a number of

words come under fire, whether it is tesla or cbs to name a few. >> yeah. it is crucial. i tell founders look, there's money, it is fairly easy today to get money and there's a lot of it, but who you pick as your partner matters a lot more the only pers-- the board is th only person that can fire you. you don't want a board that's safe, you want the best advisers by your side that's a nuanced discussion. as you grow, does the board need refreshed, how current are they on what you're facing. i think it is one of the biggest challenges for boards and ceos to make sure they continue to do the right thing. >> before the break we teased the segment mentioning testimonies we got from social media execs on the hill last

week today, the new yorker has a colorful profile of mark zuckerberg one of the lessons from the piece is that you talk about values facebook's values were about dominating, dominating competition, ideas and suddenly you find yourself in the middle of a conundrum how you're an ab bitter for planet earth. >> you can't get ahead of yourself and think you're all that just like in your career, you start out in your career, no one wants to pay attention to you. somewhere along the line you get successful, then people give you too much credit. you have to learn and evolve how to actually give advice and up your game and up your responsibility, the higher up you go, and the more important your product becomes, the more responsible you have to be to make sure it is used correctly

around the globe you know, technology could be used for good or for bad and we have an obligation to be sure we drive usage for good >> maynard, you're in position to give advice now where did you get your best advice when you were first starting out >> oh, i have so many people give me advice and i had somebody that was honest, probably my age when i was in my 20s that just told me all the things i was doing wrong but did it in such a way it made me smile and made me want to do it, everything from little things when you leave your office to go do something, walk quickly and with purpose, to you know what, you don't write well how about if we help you on that and meg was a mentor for me for

years and still is at ebay i learned so much. i kept listening and growing that's what i want to do now, continue to grow and give back that's what the book is all about. >> before we let you go, how would you assess the current business environment is this a good time to be an entrepreneur and start a company? >> absolutely. as i said earlier, there's plenty of money to get funded, but it is still hard to build a company, it is still hard to grow a company every stage of this is hard. but it is fun and i would rather be doing that than almost anything else in the world >> really quick, if you had to pick the hardest part, is it about raising the initial dollars, is it about leaping from small to big, or is it about walking away >> i think the hardest thing is proving scaling, getting an idea, getting the relevance, making sure you get to the ultimate place it is intended to

be super hard >> maynard, i haven't seen the book i want to get it right away. it looks really, really good "dear founder" out tomorrow. please come back, good to talk to you >> nice to hear your voices. talk to you soon bye-bye. when we come back, after two decades as one of the highest paid executives in the country, les moonves exits at cbs ceo we're going to look at his compensation and shares of apple as well, those are down another 1% fourth day in a row after a record run earlier this summer we have more next.

welcome back a trade warning, the president taking aim at apple, calling for the tech giant -- >> he has a message for apple. here's the tweet put out over

the weekend, specifically referring to the possibility he might add another 200 billion in tariffs on china this week apple prices may increase because of massive tariffs we may be imposing on china, but there's an easy solution where there would be zero tax and tax incentive. make your products in the united states instead of china. start building new plants now. exciting those tariffs could be coming today or when this week we may see it, no word in terms of the timing of that the president certainly indicating it is on his mind, even on friday indicating that what's on his mind is response to potential chinese response. officials saying if the chinese retaliate against the new 200 million that could be coming, he is set to add tariffs,

everything in total imported from the chinese would be facing a tariff coming into the united states that's what the administration's message is to china. don't retaliate or we put tariff on everything else the question is how else the chinese may respond beyond tariffs. some at the white house think the chinese would be out of bullets in that scenario others worry they could take nontariff related trade actions against the united states. we have to wait and see. they're war gaming the scenarios here now >> lots of questions i have another one to be clear, $200 billion in potential tariffs on chinese imports, we don't actually have a specific date when that could go into place, right >> we don't. there's some expectation generally in the air it could be coming this week, but we don't know, other than the president saying we may put that in place. officials are not giving timing on the date and time when they'll announce that or if they are announcing it. what format it might take. are there different pieces at

different tax rates. all of that still to be determined as well >> thank you for that. let's get to seema mody for the european close >> hey, morgan, european stocks, let's look at stocks on the move rpc group, one of the biggest leaders, more than 17% the packing container company in talks to sell it self. there are a number of macro headlines in focus, including a pair of currency moves first, the pound, spiking to session highs against the dollar after the eu top brexit negotiator said it would be realistic for a deal to be forged by november adding the uk and ue closer to terms on security concerns, a major sticking point thus far in on-going negotiations. meanwhile, the russian ruble the

lowest since march of 2016 brings year to date losses to 22%, amid all concerns about the economy, uncertainty on yuchu.s. sanctions. set to discuss a possible interest rate hike friday. important day in sweden. the general election too close to call. the anti-immigration party, sweden democrats achieved the best ever showing in the country's parliamentary elections, garnering nearly 18% of votes polls projected the party would have an even better showing. back to you. >> thank you very much. almost half past 11:00 on the east coast let's get a news update from sue herera hey, sue. >> good morning, carl. good morning, everyone libyan government forces storming the headquarters of the oil company in tripoli after gunmen went in, setting off

explosions and taking hostages one body has been found, dozens of injuries reported no word on the fate of the gunman. putin and shinzo abe meet ahead of the eastern economic forum. the two leaders discussing successes achieved in russian, economic relations in the past couple of years. authorities in france arrest a man who rammed his car through two glass doors at lyon airport. flights from the airport were halted. and riot blockchain names a new ceo, following charges by the sec in an unrelated pump and dump scheme. the sec says the plot involved manipulating share price of three unidentified companies generating more than $27 million in illegal sales riot blockchain not named in the complaint. the company was the subject of a

cnbc investigation earlier this year. you're up to date. that's the news update back to "squawk alley. jon, back to you >> thank you, sue. coming up, billionaire internet pioneer and alibaba chairman jack ma announces a succession plan. the company's future beyond gentlemjack ma "squawk alley" will be back. for. it orchestration by cdw makes sure your data stays close at hand. with the hp elitebook x360, and its innovative security features, including multi-factor authentication, hp sure view integrated privacy screen, and sure start self healing bios, preconfigured by the experts at cdw, so your defenses go wherever you go. secured productivity by hp. it orchestration by cdw.

the co-founder announcing he will step down as executive chairman of the e-commerce giant next year. daniel zhang is his successor. ma will be on the board until the annual shareholder meeting in 2020. joining us, jeff richards. ggb was an early backer of alibaba back in 2003 jeff, great to have you. when i first saw this news and understood it better as far as succession planning, i wonder is this about politics as much as business, not having one person in this current environment that's too closely tied to alibaba's brand or what is it really about >> well, i think people in the u.s. think of alibaba as synonymous with jack, and certainly he is the face of the company for many years, is the founder, one of the founders of the company. the reality is daniel zhang has

been running it. jack stepped down as ceo in 2013 there's a fantastic management team in place at the company i know a lot of your audience may attend earnings calls alibaba puts on, often run by the company cfo and daniel a fantastic team around jack at the company. he honestly hasn't been running the company day to day for many years. i think for the most part it is business as usual. >> do you think this prestages more executive shuffling at alibaba? there's kind of a unique team executive approach there is this likely to result in anybody leaving or feeling slighted because they didn't get the ceo seat how is that going to shake out >> as i mention, daniel has been the ceo since 2015 i don't think folks inside the company wouldn't say there are big changes afoot. there's an incredibly strong

team of co-founders, 18 folks that co-founded the company with jack and a team of over 30 that run what they call the alibaba partnerships it is different than the way u.s. companies are structured where you often have a strong figure head as ceo and folks on the management team that many in the market may not have heard of at alibaba there's a team of folks running the company very well known in china and respected. and alibaba has 86,000 employees. this is a very large enterprise. over 10 million merchants on the platform, created over 33 million jobs in china. this is a very important company in china run by a strong team at the top. >> jeff, the fact that this has apparently been in the works about a decade now, it really sheds a contrast to another chinese tech company, jd.com which fell in terms of shares last week on the news that ceo and founder richard lieu was arrested and released on rape

charges. apparently the board of that company can't meet when the founder isn't present. do you think this is going to -- the example of alibaba will encourage more tech companies, chinese or u.s., to adopt these structures with clearer succession plans >> well, i can't comment on the jd case, we weren't an investor, i am not super familiar with the company. look, i think in general all of us as investors and shareholders are happier when there's good governance in place. i think alibaba has been a terrific role model for corporate governance in china and the u.s. you look at the communication they're carrying out here, to me it is a best practice. how many times in the u.s. have we had challenges where a ceo suddenly departs and there's no succession plan. and as you mention, this has been going on at alibaba for a decade, not only jack but joe's involvement with the rest of the team we often knock chinese companies

for not being as strong on governance as u.s. companies, maybe down the road see a harvard case study on alibaba for good governance. >> jeff, we're expecting new iphone announcement in a couple of days, and at the same time u.s., chinese relations when it comes to trade and tariffs not at the greatest point. how do you expect this escalating trade tension to impact not just apple but all of the companies that are part of the ecosystem that runs between the u.s. and china we just had a wall graphic up showing many of your investments. a lot of those would count in that number. >> well, you have folks on the program who are much more expert on global trade than i am. a couple of thoughts i am confident it will get worked out the u.s. and china are important to each other, the second thing i emphasize, over the next decade to 20 years, there's a

population out there around the world of 7.3 billion people we care about, latin america, india, africa, this is where the next big opportunity is to reach global consumers they're all coming into the banking ecosystem, all adopting mobile phones. talking billions of new users coming into the banking system and internet i hope as many folks in the audience we get this figured out because that opportunity is massive. i would love to see u.s. companies have the same opportunity that chinese companies do to go after the next generation audience and work together going after it, bring all those economies forward at the same pace and have an opportunity for u.s. and chinese companies to do it >> great to have you jeff richards from ggb. how much will les moonves be paid as he leaves cbs? the extent of his exit payment is still in flux, pending

outside investigation. no matter how much he does get, moonves will already have been one of the most highly paid executives for years robert frank joins us for a breakdown. >> a lot of attention on whether les moonves will get any or all of that $120 million severance that's a drop in the bucket compared to what he earned as top paid executive last year was the highest paid media exec and highest paid ceo in the s&p 500 $69 million inco comp. nearly twice of the ceo of disney, bob iger now, if you look at his total realized gain, value of options he exercised, total comp. since 2006 totals more than $1 billion. his big years were 2014, 2015,

when he exercised options from previous years, earning $400 million in those two years some of his comp. is long term incentive awards and deferred comp.. the question is how much was already given but not exercised that he would be allowed to keep guys, back to you. >> staggering numbers, robert. thank you very much. we continue to watch shares under some pressure today. as we go to break, take a look at the markets. dow had a nice 80 point gain that withered away on apple losses today, although we're looking at brief record highs for stocks like home depot as a few hurricanes get closer and closer to the eastern seaboard back in a moment no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99.

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i am brian sullivan in for scott walker here's what's coming up at noon eastern time tech trouble coming off the worst week since march. we debate some of the big movers and what it means for you and your money. and mario gabelli joins us live with his take on the media space and stocks. and the call of the day. one analyst says brighter days are ahead for one retailer it is one of the stocks pushing the retail sector higher today i want you to think air force one, but not the plane all of that and more at the top of the hour. right now, send it to morgan brennan. >> if this was trivia, i would have the winning answer. >> do you know what it is? >> you talking about boeing?

you say air force one. i can't help but think boeing. >> it is not >> okay. then i am the loser. looking forward to it, brian let's get to the cme and rick santelli for the santelli exchange hey, rick. >> good morning. thank you. like to welcome my guest charles miller thank you for taking the time. >> glad to be here >> all right last week president trump announced he was crafting an executive order to make it easier with regard to cash flows and retirement accounts. what do you think, will it make a difference >> the executive order is to try to get treasury and labor to adopt regulations that allows small businesses to band together to do 401(k)s that are sometimes too expensive, have too much regulation or fiduciary obligation so they don't want to take the risk. it is a good thing to achieve better retirement outcomes for millions of americans. as you and i discussed before,

it doesn't have anything to do with public plans. it is only corporate plans and small businesses adopting 401(k)s together as a good idea, leaves public plans where they are. >> and whenever we come back to state and local pension plans, it is a dire story moodies had a writeup saying there were holes in how much needs to be set aside and paid out, could be 4 trillion, the size of the german economy is there any progress being made, especially considering stocks in the u.s. are near record highs shouldn't that alleviate some pressures? >> you know, the real problem in public plans, unfortunately you can't say it is a ticking time bomb it is more like a slow leak. the fact of the matter is that people in states and throughout the country haven't made their contributions for years and years. when you make a promise and don't fund it, don't put money

in, if you haven't put the assets in, assets aren't growing. 2010, people were putting in 80% of what they were supposed to put in now they're putting in 90% it sounds better still leaves 10% hole across the board for whether or not states and cities are actually making the contributions they're supposed to make >> and as a market person what hits me, charles, is that they have given up quite a bit of return in the equity markets the last 20 months even though they have the percentage, we have no idea what may be ahead of us with regard to markets and investments and return in the final minute we have, charles, how can states and local managers of this capital try to protect themselves and diversify, yet accumulate faster >> i think the really important point to make on terms of investments, rick, most pensions have returned reasonably well. if you took the average return

of a public pension in the last 30 years, it is around 9%. the issue in pension underfunding is not really whether the chief investment officer -- >> it is putting in the money to begin with >> you have to put it in in the first place. if you don't put it in, you'll never fill the hole. >> i see is it possible the trump administration over time, the sector that deals with that management is improving to put more hard and fast rules to avoid some of these potholes of contribution quickly, almost out of time. >> the federal government doesn't have too much to say about states, moody's does, and they make thepoint if you don' fund the pension, it is the equivalent of a tax hike you still have to pay for police, teachers, firefighters, et cetera. >> yes, the services they use. thank you for your thoughts, charles. we'll have you back as this on-going story develops. jon fortt, back to you >> thanks, rick. coming up, online privacy

dangers have been in the headlines this year as marketers and governments are collecting and using personal data. is it any surprise a privacy app dominated apple's charts we speak to the ceo of anchor free next. hi i'm joan lunden. today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor

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i'm ready to crush ap english. i'm ready to do what no one on my block has done before. forget that. what no one in the world has done before. all i need access, tools, connections. high-speed connections. is the world ready for me? through internet essentials, comcast has connected more than six-million low-income people to low-cost, high-speed internet at home. i'm trying to do some homework here. so they're ready for anything. one of the highest grossing apps is a tool called hot spot spieled. over 750 million downloads it climbed the charts of twitter and facebook as they continue to

face questions about privacy politics we're joined by the ceo of the app's parent company anchor free which just raised $295 million last week. david, great to speak with you today. >> great to be here, thank you >> so whether it's equifax or cambridge analytica, privacy is much more a part of the discussion have you seen that translate into more business >> we have we see a massive spike in usage over the course of the last two years actually around privacy and security concerns growing exponentially and we've really been at the top of the iphone charts for the last two years. increasing more and more every day. about 250,000 new downloads a day. >> now break this down for me, are you actually keeping my data and information safe, and, if so, how does this nfx woinforma

work >> we're doing three things, one, encrypting your data when connecting to public wi-fi -- airports, hotels, in-flight wi-fi, coffee shops -- we're all that your data could be subject to hackers and we're encrypting it and securing it the second thing we're anonymizing your ip address. even in the privacy of your own home your information is collected by your internet provider and sold. we protect you third, we block phishing malware and spam >> so is demand for the app most powerful in areas of the world where there's potentially retribution by a government, or what's domestic demand like compared to international? >> so a few years ago the demand was mostly internationally, but

over the last two years it's really half of the growth has been in the united states. out of 250,000 new users a day, half of them are u.s. based and really it's all around privacy and security concerns that are growing exponentially among consumers and businesses in the united states. we've launched recently a solution for small and medium sized businesses and we're seeing a lot of growth there as well >> you're saying you traced this back a couple years. is there a specific incident or headline that sparked it and do you expect that apple adding on more privacy related features will affect demand for your service at all whether positively or negatively >> so, first of all, we saw major spikes in usage around things like the vulnerability that was found even secure wi-fi was really unsafe and subject to vulnerabilities and hacking.

this was about a year ago. we saw major spike duringthe election with people being concerned about their privacy. we saw another spike with the repeal of net neutrality and the fcc allowing internet service providers to collect and sell user data. so a number of these major security breaches also the target and equifax for hot spot shield and as far as apple, we really see apple as being very similar as far as mission and point of view on privacy at large being, you know, very positive on protecting user privacy. and we think it's super synergistic and apple users from students to cfos all around the country adopting to protect their data on apple devices as

well as android and windows and mac. apple is leading the charge. >> we have to leave it there thank you for joining us today, the anchor free founder and ceo, thanks >> thank you when we come back this morning an executive departure sending shares of snap down, still below ten.

snap shares down today in a regulatory filing. the company says its chief strategy officer is leaving snapchat's parent after almost four years on the job. he will continue on in his role for an interim period. snap has been under pressure as rival instagram released its own story feature and instagram tv since the ipo snap has gone through a project chief, head of sales, engineering, a cfo, chief counsel and now imron himself. >> and they say it's not related

to any disagreement with the company. >> i wonder does the culture change, does the outlook change? even the culture on the ground with employees i hear every once in a while from employees at snap not always the easiest place to work maybe a sense of top down kind of bold arrogance about how they went public. i guess we'll see who else gets brought in >> certainly the path leading up to the ipo was i'm going to do what others are not. >> shares are down right now shares of tesla are popping, rebounding up 6% right now looking into that video of elon musk smoking pot the company detailed its new structure on friday as well.

stocks still down 10% year to date >> they said we believe the accounting chief's departure reflects the intensity of the work culture, not problems in the financial reporting. we'll see. let's get to sully and "the half." cmj, thank you very much welcome to "the halftime report." i am in for scott wapner your top trade, the future of technology how is that for a big topic? the sector coming off its worst week since march, nasdaq posting its worst still since 2008 here now to discuss, debate it, dissect it, chew on it and give us valuable, practical advice are joe terranova, josh brown, jim l jim, and, jenny, welcome we all