STOCK MARKET WATCH -- Wednesday, 31 October 2012

[Demeter]

2. Apple ousts two top execs over missteps

http://www.latimes.com/business/la-fi-apple-ouster-20121030,0,676001.story

Scott Forstall, who replaced Google Maps with Apple's own faulty mapping software in iOS, will leave. Retail operations head John Browett will also depart...Scott Forstall, a protege of co-founder Steve Jobs, has been head of the mobile software division, overseeing the iOS operating system that runs the best-selling iPhone and iPad. His misstep over the mapping software led to a public apology from Apple CEO Tim Cook.

Also departing is John Browett, who joined the company in April to lead retail operations. The former chief executive of British electronics chain Dixons took over for Ron Johnson, who helped create the Apple stores and left to become chief executive of J.C. Penney Co. Browett never jelled at Apple, analysts said. In August, he was forced to issue an apology and reverse course on a new store staffing plan.

Fortune magazine called the management reshuffling the most significant since Jobs pushed out chief executive Gil Amelio in 1997. Apple is essentially centralizing power in the hands of Cook and Jonathan "Jony" Ive, the company's industrial design guru, Piper Jaffray analyst Gene Munster said. Ive, who will oversee the company's software and hardware teams, now has control over the look and feel of Apple devices, the same expansive role and power that Jobs had before he died.

"Tim Cook was always Steve Jobs' right-hand man. Jony Ive was his golden boy," Munster said.

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