Apple’s New CEO Starts to Reshape the Company

Welcome back to Bloomberg Tech. We have a big piece of breaking news out moments ago from Bloomberg's Mark Crumpton. Apple CEO John Turner is moving to overhaul the company to accelerate product development. In this report from Mark Crumpton, there are some absolutely clear specifics. So John Turner, according to Mark's reporting and sources, wants to move away from relying on a spring and fall product release and have more regular rapid product cycles, product releases, plans to cut middle management positions. There is a broader cost cutting effort, which would include layoffs to certain departments as Mark Gurmans detailed in that story. Apple shares were already under pressure prior to this report being published, now down at session lows, a decline of 2%. But the goal, that John Turner has been discussing with his colleagues, according to Mark's reporting, is to have a leaner organization and a much greater focus on engineering. So check out that story from Bloomberg's Mark Gurman on the Bloomberg terminal on bloomberg.com, but it is, certainly a factor in the trade this morning. Apple down 2%.