Ternus' Restructuring Plans Send Apple Stock Reeling

Apple's stock fell nearly 2% on Tuesday as investors reacted to reports that Chief Executive John Ternus is considering changes to the company's management structure and product development process.

Ternus is reportedly weighing measures aimed at making Apple more engineering-focused, faster and leaner. One potential change would involve reducing layers of middle management separating engineers from senior leadership.

The reported restructuring forms part of a broader cost-cutting effort and an attempt to identify additional revenue opportunities, including increasing revenue from existing products and services.

Apple's hardware engineering division has also started cutting engineering program manager positions over the past two weeks. Roughly half a dozen directors were affected.