The reaction of an alkyl aryl ether with HI involves the cleavage of the C-O bond. The bond between the oxygen and the alkyl group (benzyl) is cleaved because the benzyl carbocation is stabilized by resonance. Thus, the products are benzyl iodide ($\text{C}_6\text{H}_5\text{CH}_2\text{I}$) and phenol ($\text{C}_6\text{H}_5\text{OH}$).