Apple Shakes Up Executive Ranks With Two Departures
Apple said Monday it is shaking up its management ranks, a move that includes the departure of two top executives.
Scott Forstall, the head of Apple’s iOS mobile platform, is leaving, as is John Browett, who was recruited just six months ago to head Apple’s retail unit.
Forstall will stay on as an adviser to CEO Tim Cook until he departs the company next year, while Browett’s departure is more imminent. “A search for a new head of retail is underway, and in the interim, the retail team will report directly to [Cook]," the company said.
Browett, a former CEO of Dixons Retail in the U.K., reportedly was issued $60 million in stock grants to join Apple in April, though they vested over several years, and he'll be leaving behind about $57 million worth.
Apple's changes also include additional duties for several executives. Jony Ive, the leader of industrial design whose “design aesthetic has been the driving force behind the look and feel of Apple’s products for more than a decade,” according to Apple’s press release, also will lead human interface at the company.
Eddy Cue, already in charge of iTunes, also will be responsible for Siri and Maps.
Craig Federighi will lead both iOS and OS X, while head of hardware development Bob Mansfield will head a new group called echnologies that combines Apple’s wireless teams into one organization.
The announcement was made on a day that was closed for trading due to Hurricane Sandy. Trading on the Nasdaq and New York Stock Exchange resumes Wednesday. Apple shares closed fractionally lower Friday at $604.
The management shakeup comes four days after Apple announced quarterly earnings that missed analysts' expectations.