Apple Pay chief Jennifer Bailey to retire in October - report

Investing.com -- Apple Inc. will lose Jennifer Bailey, the executive who has led its Pay and Wallet services since 2014, when she retires in October after more than 20 years with the company, Bloomberg reported on Tuesday.

Services chief Eddy Cue reportedly shared news of Bailey’s departure in a staff memo. Bailey will leave her role as vice president of Apple Pay at the end of October and will remain available in an advisory capacity to support the transition, according to the memo.

"Under Jennifer’s leadership, Apple Pay has changed the way hundreds of millions of our users pay," Cue said in the memo. He added that the company will announce a succession plan before Bailey’s transition.

Apple Pay allows users to make purchases both in physical stores and online. The service generates more than $7.5 billion in annual revenue, based on analyst estimates, and represents a factor in customer retention for iPhone users.

Bailey’s payment division has driven Apple’s expansion into financial services. The Pay app led to additional products including the Apple Card and a recently announced device upgrade subscription program.

The Wallet app, which Bailey also managed, started as a digital storage space for credit and debit cards. The app has since grown to include virtual keys for homes, cars and hotels, along with identification cards.

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