Apple Promotes Two For Cook’s Executive Team

Apple Inc. (AAPL) promoted Craig Federighi and Dan Riccio to senior vice presidents and named them to the company’s executive management team, reporting to Chief Executive Officer Tim Cook.

Federighi, a frequent presenter at product events as vice president of Mac software engineering, will remain responsible for development of operating systems for Mac computers, Apple said today in a statement. Riccio, who was named earlier this year to be vice president of hardware engineering, leads teams working on the company’s Mac, iPhone, iPad and iPod.

The changes mark Cook’s third round of promotions to Apple’s executive team. John Browett, the company’s head of retail, joined in April, while Eddy Cue was promoted last year to senior vice president of Internet software and services, overseeing iTunes and Apple’s iCloud storage service. Cook’s executive team now totals 12.

Apple, based in Cupertino, California, also said that Bob Mansfield, who had announced his retirement in June, will remain at Apple to work on future products.

Becoming a member of Apple’s executive team can be lucrative. Last year, six members of the company’s executive team were each awarded 150,000 restricted stock units that are now worth $101.4 million based on today’s closing price. Cue was given 200,000 stock units last year. Cook was given 1 million stock grants by Apple’s board of directors after taking over as CEO last year.

Apple, the world’s most valuable company, rose to a record $675.68 in New York today after a California jury ruled in its favor in a patent trial last week. The shares have risen 67 percent this year.

To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net

To contact the editor responsible for this story: Jillian Ward at jward56@bloomberg.net

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