Apple executive Jennifer Bailey to retire in October

Jennifer Bailey, a long-time executive at Apple, is set to retire in October after more than 25 years with the company. Bailey has led the Pay and Wallet services since 2014 and played a central role in the launch and growth of Apple Pay, Apple Wallet, and Apple Card.

In an internal memo, Apple’s Senior Vice President of Services and Health, Eddy Cue, described her departure as a “major loss” for the company. Cue noted that under her leadership, Apple Pay has transformed the payment experience for hundreds of millions of users. Apple Pay is a significant revenue driver for the company, with some analysts estimating it generates over $7.5 billion annually.

Before her official departure at the end of October, Bailey will serve in an advisory role to assist with the transition. Apple plans to announce a succession plan before her departure.