Apple’s (AAPL) head of microchips and processors, Johny Srouji, has squashed reports that he’s planning to leave the iPhone maker.
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In a memo to staff on Dec. 8, Srouji said that he has no plans to leave Apple, writing: “I love my team, and I love my job at Apple.” Media reports over the weekend said that Srouji had told Apple CEO Tim Cook that he was considering leaving the consumer electronics giant, joining a wave of exoduses this year.
In recent weeks, Apple has seen several high-profile executives announce their departures from the company. These have included general counsel Kate Adams and vice president for environment, policy and social initiatives Lisa Jackson, both of whom are retiring. Also, Apple’s head software designer announced he is leaving for Meta Platforms (META).
Other recent executive retirements include Apple’s head of artificial intelligence (AI) and chief operating officer (COO). There are even rumors that CEO Tim Cook will step down within the next year.
An Important Apple Executive
Srouji is seen as one of the most important executives at Apple. With the company since 2008, he has led teams that created the proprietary M-series microchips used in Macs and the A-series chips at the heart of Apple’s latest iPhones. In addition to developing the chips, Srouji’s team has developed a new cellular modem for the iPhone. Srouji frequently presents at Apple product launches.
“I know you’ve been reading all kind of rumors and speculations about my future at Apple, and I feel that you need to hear from me directly,” Srouji wrote in his memo to staff. “I am proud of the amazing Technologies we all build across Displays, Cameras, Sensors, Silicon, Batteries, and a very wide set of technologies, across all of Apple Products.”
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 34 Wall Street analysts. That rating is based on 21 Buy, 11 Hold, and two Sell recommendations issued in the last three months. The average AAPL price target of $295.14 implies 6.46% upside from current levels.
Read more analyst ratings on AAPL stock