Apple (AAPL) to Lose Key Technology Executive

According to a Wall Street Journal report, Apple (Nasdaq: AAPL) will soon be losing a key technology executive who was essential to the development of the original iPod.

Sources familiar with the matter are suggesting that Tony Fadell, Apple's Senior Vice President of its iPod division, will be leaving the company for personal reasons. The article also points out that Fadell was on the executive team which was involved in developing the iPhone. While people familiar with the matter have said that Fadell will likely take time off after leaving Apple, they have also indicated that he could continue at Apple strictly as a consultant.

UPDATE: these reports have now been confirmed by Apple, which issued a press release this morning at about 8:30et, announcing that Fadell and his wife, Danielle Lambert, will be leaving the company to devote more time to their family. Fadell has indicated that he will remain as an advisor to Apple's CEO, Steve Jobs. Mark Papermaster has been appointed as Senior VP of Devices Hardware Engineering.

Apple, Inc. designs, manufactures, and sells personal computers, portable digital music players, and mobile communication devices, as well as related software, services, peripherals, and networking solutions worldwide.