“Apple Inc.’s Bob Mansfield, whose $85.5 million compensation made him one of the highest-paid U.S. executives in 2012, is stepping down as technologies chief to work on special projects,” Peter Burrows reports for Bloomberg News. “‘Bob will no longer be on Apple’s executive team, but he will continue to work on special projects,’ Katie Cotton, an Apple spokeswoman, said by phone.”

“Mansfield presided over some of Apple’s toughest hardware-engineering jobs in the past decade, including a transition of its Mac personal computers to Intel Corp. chips and development of the iPad tablet,” Burrows reports. “He retired in June 2012 and returned about two months later, when Apple granted him a pay package that made him the second-best-paid executive at any Standard & Poor’s 500 company”

Burrows reports, “The executive change comes as investors focus on whether Apple can come up with breakthrough new products to jump-start growth for the Cupertino, California-based company, whose revenue increased less than 1 percent in the most recent quarter. Apple has been developing a watch-like wearable device that would include features of the iPhone and other capabilities, people familiar with the matter have said. ‘Apple is under heavy competitive pressure to create something new,’ said Tim Bajarin, founder of Creative Strategies Inc., a technology consulting firm. ‘It would take someone like Mansfield to bring it out in a timely fashion.'”

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