Stephen Fry, writing for The Telegraph:

Until now, Ive’s job title has been Senior Vice President of Design. But I can reveal that he has just been promoted and is now Apple’s Chief Design Officer. It is therefore an especially exciting time for him.
Inside the fabled design studio (cloths over the long tables hiding the exciting new prototypes from prying eyes like mine) Jony has two people with him. They too have been promoted as part of Ive’s new role.

Richard Howarth and Alan Dye will become head of industrial design and head of user interface, respectively. This will leave Ive free from some of the administrative and management work so that he can spend more of his time traveling and focusing on bigger picture projects.

I also want to point out that 9 to 5 Mac has published Tim Cook’s memo to employees regarding Ive’s new position.