Apple Project Titan to Lose Head Zadesky
Head of Project Titan bids farewell to the tech giant
One of the Apple Inc.’s great intellectual assets, Steve Zadesky, is bidding farewell to the company, as told by the Wall Street Journal. During his 16-year service at the company, Mr. Zadesky had been actively involved in the invention of Apple’s iPod and its chief product, the iPhone. Prior to joining the tech giant, he served Ford Motor Co. as an engineer.
For the past two years, Zadesky had been managing the iPhone maker’s team of workers serving its secretive initiative to build an electric car, dubbed “Project Titan.” The name of this project leaked out when the $562 billion company started hiring experts from the automobile industry. In September 2015, 600 employees were dedicated to the project.
Back in 2014, CEO Tim Cook visited BMW’s headquarters, and senior Apple executives went to the automaker’s factory in Leipzig in order to find out details of the manufacturing process of the i3 electric car. Talks faltered as both the companies had a conflict of interest; Apple wanted to venture into the car-making business, while BMW did not want to become a third-party supplier to the tech giant.
The company has not disclosed Zadesky’s departure officially, and his last working day is still unknown. Sources privy to the matter told the Journal that his resignation is based on personal reasons and not performance.
The highly-anticipated project could be halted after being deprived of its leader. The $562 billion company aims to complete the basic features of the electronic car in 2019, but would it still be able to meet the deadline? A lot of people on Zadesky’s team have commented that some of these targets are unachievable in such a short span of time.
Both Investors and analysts have been closely monitoring Project Titan’s progress for some time now. The actual reason behind Steve Zadesky resignation can be determined once the company makes an official statement. The company is scheduled to announce its earnings later on Tuesday, January 26, 2016. The investors will closely look on any information forwarded by the company regarding the Project Titan. The project is likely to be revolutionary for the company.
Without a doubt, Zadesky’s resignation will be a huge blow on the progress of the project. For now, investors and analysts hope that the company’s efforts to move into the automobile market bear fruit.
Apple stock price was $101.42 at the market which closed on Friday.