Apple announces sweeping reorgApple announces sweeping reorg

As expected, Apple announced a sweeping reorganization yesterday in anattempt to turn the company's recent financial problems around. Steve Jobsgot a seat on Apple's executive committee and Steve Wozniack received anadvisory role. Avie Tevanian of NeXT Software now leads the softwareengineering group. Tevanian created the Mach kernel used in NeXTStep and was the lead proponent of the operating system at NeXT.

Apple was also expected to announce layoffs, but the company only mentionedthat an "elimination of positions" would come soon. Apple's stock closed yesterday at 15 3/8, its lowest point ever as analysts voiced doubts thatGil Amelio can turn the company around. Amelio has always stated that anApple turnaround will take three years.

Today, Apple's is holding its annual shareholders meeting which is expectedto be tumultuous