Apple Lead Hardware Engineer Riccio Shifting to ‘New Project’

Ternus tapped to lead hardware engineering at Apple.
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Apple Inc.  (AAPL) - Get Report said Monday that its leading hardware engineer, Dan Riccio, is moving to a new project and will be replaced by John Ternus, currently a vice president of hardware engineering.

Apple announced the move in a statement on its online newsroom.

Riccio has been with Apple since 1998 and has worked on most of the company’s major products over that time, from the first iMac computers to the latest 5G phones.

“After 23 years of leading our Product Design or Hardware Engineering teams — culminating with our biggest and most ambitious product year ever — it’s the right time for a change,” Riccio said in the statement. “Next up, I’m looking forward to doing what I love most — focusing all my time and energy at Apple on creating something new and wonderful that I couldn’t be more excited about.”

Apple didn't specify what project Riccio will lead, however recent speculation has focused on efforts by the company to develop a high-end virtual reality headset, or augmented reality glasses the Apple Maven noted last week

“Every innovation Dan has helped Apple bring to life has made us a better and more innovative company, said Apple CEO Tim Cook in the statement.

Ternus has been at Apple for nearly 20 years, working on the first generation of AirPods, and more recently the shift of Apple computers to central processors it makes itself.

Shares of Apple slipped 13 cents, or 0.1% in after-hours trading after gaining 2.8% in the regular session.  

Apple is scheduled to report its latest quarterly results later this week.

Apple is part of in Jim Cramer's Action Alerts PLUS member club portfolio.