The Telegraph describes Ive’s change of position as a ‘promotion’. Ive was already the most influential person at Apple aside from Cook and his personality doesn’t exactly prescribe the need for a better title: Ive doesn’t really seem like a guy wanting an ego boost.
Dropping the PR spin, this is a reorganisation so Ive can back off from daily operations and do whatever he wants, “more travelling” included. Whenever he has a splash of inspiration or a new direction to explore, he can go back to the Cupertino studio. I think the writing is on the wall that he will retire in a few years.