Apple Says Hardware Chief Will Work On 'New Project' Under Tim Cook — But Wouldn't Tell Us What It Is

Apple Inc AAPL said Monday that company veteran Dan Riccio would transition to a new role, working on an undisclosed project and report to CEO Tim Cook.

What Happened: Riccio, a leader in design, development, and engineering has been involved with nearly all Apple products from the first-generation iMac to the 5G iPhone lineup, according to a statement released by the company.

John Ternus will take Riccio’s place as Apple’s senior vice president of hardware engineering. Riccio held that position for nearly 23 years.

“It’s the right time for a change. 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,” said Riccio.

Why It Matters: Riccio is a key individual involved in multiple “groundbreaking projects,” including the ongoing transition from Intel Corporation INTC chips to Apple Silicon.

The Cupertino, California-based tech giant is speculated to be working on a number of new technologies.

See also: If Apple's Recent Hires Are Any Indication, The Apple Car Is A Priority

This month it was reported that the company’s steeply-priced virtual reality headsets may arrive in 2022.

An Apple EV could be made by Hyundai Motor Company HYMTF subsidiary Kia Corp in the United States, as per Korean media reports. 

Price Action: Apple shares closed nearly 2.8% at $142.92 on Monday and fell 0.14% in the after-hours session.