Bob Mansfield was removed from Apple's executive page on its Web site over the weekend. The move comes after CEO Tim Cook recently gave Mansfiled more power at the company, causing some investors to question what's happening.
However, Mansfield actually is being moved to work with "special projects," which by most accounts likely means the rumored iWatch.
Ciaccia said the iWatch will be the most intense project since the iPhone, which Mansfield also worked on. He also helped with the iPod, Mac Book Pro and Mac Book Air.
Although the iWatch's potential for success has been questioned by some, Cook has said that it's up to technology companies to convince consumers that it's something they'll want and need.
Ciaccia said that some analysts are calling for revenue estimates in the $10 billion to $15 billion range and that if the iWatch is successful, it would be a game-changer for not only Apple, but the technology industry as a whole.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.