Apple CEO John Ternus is moving to overhaul the iPhone maker just weeks into the job, aiming to speed up product development, broaden its range of devices and run a leaner organization with a greater focus on engineering, according to Bloomberg News. The plans, which Ternus has discussed internally, are the first signs of how Apple's former hardware engineering chief intends to reshape the company after Tim Cook's 15-year tenure as CEO. Early ideas include relying less on Apple's traditional spring and fall product release schedules and eliminating some middle-management positions to reduce the layers between engineers and senior executives, according to people familiar with the discussions. Cost-cutting efforts are already underway, and Ternus is also looking for new sources of revenue and ways to make more money from existing products. Apple shares were down 2.23% intraday, as of 12:05 p.m. ET, and the company didn't immediately respond to a request for comment.
Apple Inc.New CEO Ternus plans a management shake-up, cost-cutting, and new revenue sources, a mixed operational/restructuring move for Apple.
Applovin Corp