Trip Chowdhry of Global Equities Research pulls no punches in his latest Apple Inc. (NASDAQ: AAPL) commentary.

In a recent note, Chowdhry called for the “completely clueless” Tim Cook to be replaced. He cited a culture of “bozos” at Apple destroying $486 billion in shareholder value under Cook’s management.

Apple’s PE multiple under Steve Jobs was consistently above the S&P 500 PE and above 20X according to Chowdhry. The S&P 500’s current 20.5X PE dwarfs the 11.5X PE Apple generated under Tim Cook and Luca Maestri leadership. The lack of reward (positive yearly stock performance) is the market’s way of telling Cook they will not support a distracted CEO. Chowdhry used Cook’s Charlie Rose appearance debating taxation alongside Apple’s decision to take on debt and tarnish “the once pristine Apple balance sheet” as examples of Cook’s lack of focus on shareholder value. Chowdhry called the board of directors “callous” in their concern about the company PE multiple.

There is hope though for Apple’s management, and it starts with Jonathan Rubinstein taking over for Cook. Chowdhry said Cook needs to be replaced and mercifully noted Cook “can go back to his Operations role” while CFO Luca Maestri “can go back to his Accountant role” as Fred Anderson, who was CFO during Apple’s previous Jobs resurrection, comes back to right the wrongs. Angela Ahrendts is not safe either. The Sr. VP for retail and online is “completely clueless” and a “misfit for a role at Apple” according to Chowdhry. He would like her gone.

Apple closed 2015 at $105.41 after falling almost 2 percent on Thursday.

Apple shares closed 2015 down 1.92 percent and the S&P 500 finished the year down roughly 0.70 percent.

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