Apple (AAPL) has announced that its longtime Chief Operating Officer (COO) Jeff Williams is retiring after spending 27-years at the consumer electronics giant.
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Current operations leader Sabih Khan will take over the COO role later in July of this year, Apple said. For his remaining time at Apple, Williams will continue to lead the company’s highly regarded design team, Apple Watch, and health initiatives. He will report to Apple CEO Tim Cook until his departure at year’s end.
Williams, age 62, is the latest longtime senior executive to step down from Apple. During his career, Williams was one of the most important executives at Apple, running the company’s formidable operations division, which is in charge of manufacturing millions of devices each year, including both the iPhone and iPad, while keeping costs in check.
Design Team Lead
Williams is also known for being skilled at design, and led Apple’s legendary industrial design team after longtime leader Jony Ive departed the company in 2019. In a written statement, Williams said he plans to spend more time with friends and family in retirement.
In his own statement, Apple CEO Tim Cook said of Williams, “He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world class team of designers with great wisdom, heart, and dedication.” AAPL stock has declined 16% this year.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 26 Wall Street analysts. That rating is based on 15 Buy, 10 Hold, and one Sell recommendations assigned in the last three months. The average AAPL price target of $228.29 implies 8.70% upside from current levels.
