SAN FRANCISCO -- Apple's Bob Mansfield, who formerly ran hardware engineering, is taking a new position on special projects in which he reports to CEO Tim Cook.
Shares of Apple rose 1.5% to $447.56 in midday trading.
Mansfield, former senior senior vice president of hardware engineering, had planned to retire in June 2012 but was persuaded to stay with Apple. He was also one of the most highly compensated U.S. executives of 2012, with about $85.5 million in stock-based compensation, according to Bloomberg, suggesting Apple paid a lot to keep him.
"Bob is no longer going to be on Apple's executive team but will remain at Apple working on special projects reporting to Tim," Apple spokesman Steve Dowling said.
Mansfield has been a key player in Apple's Mac personal computers and the development of iPad.
The transition comes as Apple's growth is cooling and the company is viewed in need of another hit-making product category to return momentum. Reports have persisted that Apple is working on a smart watch called iWatch under a special group at Apple, one such area where Mansfield could be involved.
Apple did not elaborate on Mansfield's change of roles.
Shares of Apple rose 1.5% to $447.56 in midday trading.
Mansfield, former senior senior vice president of hardware engineering, had planned to retire in June 2012 but was persuaded to stay with Apple. He was also one of the most highly compensated U.S. executives of 2012, with about $85.5 million in stock-based compensation, according to Bloomberg, suggesting Apple paid a lot to keep him.
"Bob is no longer going to be on Apple's executive team but will remain at Apple working on special projects reporting to Tim," Apple spokesman Steve Dowling said.
Mansfield has been a key player in Apple's Mac personal computers and the development of iPad.
The transition comes as Apple's growth is cooling and the company is viewed in need of another hit-making product category to return momentum. Reports have persisted that Apple is working on a smart watch called iWatch under a special group at Apple, one such area where Mansfield could be involved.
Apple did not elaborate on Mansfield's change of roles.