NEW YORK (TheStreet) -- Apple (AAPL) design star Jony Ive, the senior vice president of design, is now Chief Design Officer, the company said Tuesday.

CEO Tim Cook told the company in an internal memo that Ive's new role now includes designing the Apple retail stores and the company's futuristic California Campus, the Silicon Valley office space has been dubbed "the space ship."

Ive's new role will allow him to delegate much of the day to day management in order to focus on innovation and design for Apple.The internal company memo, which was later published on the tech blog 9to5mac, said that in this new role, Ive "will focus entirely on current design projects, new ideas and future initiatives."

The new chief design officer has around 5,000 design patents to his name and oversaw the creation of Apple's Iphone and Ipad devices. In an interview with the Telegraph newspaper and Stephen Fry Ive said the new position would allow him to "travel more," leading some to speculate that he may be checking out of the world's largest company or perhaps orchestrating a move back to the UK. Ive was quick to discourage that notion.

Richard Howarth will take on the role as the new head of industrial design while Alan Dye has been promoted to vice president of user interface design.

Ive received a knighthood from the queen of England back in 2012 for his services to design. He joined Apple in 1992 and has led the design team since 1996. Apple's latest earnings surged 33 percent on increased iphone sales despite higher prices and the effects of the strong dollar. The Iphone remains the company's biggest seller.

TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: AAPL Ratings Report

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