Apple’s longtime head of Pay and Wallet services, Jennifer Bailey, is retiring after more than two decades at the company.
Apple services chief Eddy Cue announced Bailey’s departure in a staff memo. Bailey, who has served as vice president of Apple Pay since the service was launched in 2014, is set to leave the company at the end of October. She will remain available in an advisory role to support the transition,.
“Under Jennifer’s leadership, Apple Pay has changed the way hundreds of millions of our users pay,” Cue said in the memo.
Apple will announce a succession plan before Bailey’s departure.
Bailey’s division has played a central role in Apple’s expansion into financial services. Apple Pay has become a major business for the company. Analyst estimates put its annual revenue at more than $7.5 billion. The service has also become an important part of Apple’s broader ecosystem.
The Pay business helped pave the way for products including Apple Card and the company’s recently announced device leasing programme.
The Wallet app, which Bailey also oversaw, has expanded significantly from its original role as a digital repository for credit and debit cards. It can now store virtual keys for homes, cars and hotels, as well as identification cards.
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