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Apple names Jeff Williams chief operating officer

Apple on Thursday announced that Jeff Williams has been named chief operating officer and Johny Srouji is joining the company's executive team as senior vice president for hardware technologies.

Williams joined Apple in 1998 and was named vice president of operations in 2004. He has overseen the company's entire supply chain since 2010.

"We are fortunate to have incredible depth and breadth of talent across Apple's executive team. As we come to the end of the year, we're recognizing the contributions already being made by two key executives," CEO Tim Cook said in a statement. "Jeff is hands-down the best operations executive I've ever worked with, and Johny's team delivers world-class silicon designs which enable new innovations in our products year after year."

Shares were down around 0.4 percent in early morning trade. Click here for the latest stock quote.

Apple also announced other management changes. Phil Schiller, senior vice president of worldwide marketing, will expand his role to include leadership of the App Store across all Apple platforms. Tor Myhren will join the company in 2016 as vice president of marketing communications, reporting to Cook. Myhren comes from Grey Group, where he has served as chief creative officer and president of Grey New York, Apple said.