It’s a major departure, as during his career at Apple Mansfield has led the hardware engineering of devices including the Mac, iPhone, iPod, and the iPad — some of the most popular and profitable consumer electronic gadgets in modern history. Mansfield has been well compensated for his efforts: This past February, MacRumors reported, he cashed in some $12.5 million in stock options. The previous April, he sold off 99 percent of the Apple shares he owned at that time, to the tune of $13.6 million.
Dan Riccio, who currently serves as Apple’s VP of iPad hardware engineering, will transition into role over the next several months.
We’re working on developing this story. In the meantime, here is the full text of Apple’s announcement:
CUPERTINO, California—June 28, 2012—Apple® today announced that Bob Mansfield, Apple’s senior vice president of Hardware Engineering, will retire and the role will be transitioned to Dan Riccio, Apple’s vice president of iPad Hardware Engineering, over several months. The entire hardware engineering team will continue to report to Mansfield until his departure.
“Bob has been an instrumental part of our executive team, leading the hardware engineering organization and overseeing the team that has delivered dozens of breakthrough products over the years,” said Tim Cook, Apple’s CEO. “We are very sad to have him leave and hope he enjoys every day of his retirement.”
“Dan has been one of Bob’s key lieutenants for a very long time and is very well respected within Apple and by the industry,” added Cook. “Our hardware engineering team is the best engineering team on earth and will not miss a beat during the transition.”
As senior vice president of Hardware Engineering, Mansfield has led Mac® hardware engineering since 2005, iPhone® and iPod® hardware engineering since 2010, and iPad® hardware engineering since its inception. Mansfield joined Apple in 1999 when Apple acquired Raycer Graphics, where he was vice president of Engineering. Mansfield earned a BSEE degree from the University of Texas at Austin in 1982.
Riccio currently serves as vice president of iPad Hardware Engineering and has been instrumental in all of Apple’s iPad products since the first generation iPad. Riccio joined Apple in 1998 as vice president of Product Design and has been a key contributor to most of Apple’s hardware over his career. Dan earned a bachelor’s degree in Mechanical Engineering from the University of Massachusetts Amherst in 1986.
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with iPad.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here