Apple CEO John Ternus plans overhaul to accelerate product development and create leaner structure

(Adds details in paragraph 2-4) Sept 29 (Reuters) — Apple's new chief executive officer, John Ternus, is moving to overhaul the iPhone maker with a greater focus on engineering, in an effort to accelerate product development, broaden its range of devices and create a leaner organization, Bloomberg News reported on Tuesday. The early ideas under consideration include relying less on traditional spring and fall product release schedules and eliminating some middle-management positions to reduce the layers separating engineers from senior executives, the report said, citing people familiar with the discussions. The report said there are cost-cutting efforts in motion and that Ternus is also seeking new sources of revenue and ways to generate more money from existing products. Apple did not immediately respond to a Reuters request for comment. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Tasim Zahid) ((HarshitaMary.Varghese@thomsonreuters.com;)