Apple’s longtime executive overseeing Apple Pay and Wallet services, Jennifer Bailey, is retiring after more than two decades with the company, according to Bloomberg News’ Mark Gurman.
Bailey, who has served as vice president of Apple Pay since the service’s launch in 2014, will leave in October. Apple services chief Eddy Cue announced the departure in a staff memo seen by Bloomberg News.
In the memo, Cue wrote: “After more than 25 years at Apple, Jennifer Bailey has decided to retire in October. During her tenure, Jennifer has made extraordinary contributions from leading the Apple Store Online through a period of significant growth and global expansion to overseeing the launch of Apple Pay.
“Under Jennifer’s leadership, Apple Pay has changed the way hundreds of millions of our users pay, with a simpler, more secure, and private experience. She also led the development and growth of Apple Wallet, oversaw the development and launch of Apple Card, and led our work in Services fraud prevention and partner operations, Gift Cards, and Trust and Safety. And those are just a few of her achievements.
“On a personal note, Jennifer has been an incredible friend and leader, and I will miss working with her.
“Please join me in thanking Jennifer for her incredible contributions to Apple. Before Jennifer’s transition at the end of October, we will announce our succession plan, and Jennifer will continue to be available to support the transition in an advisory role.
“As we continue to work toward our vision of replacing the physical wallet, I’m more confident than ever in the work that we are all doing and look forward to an exciting future ahead.”
Bailey’s exit is viewed internally as a major loss and is expected to signal a wider wave of departures among senior leaders in their 60s, people familiar with the matter told Bloomberg. Apple faces a demographic challenge as a generation of longtime executives who built substantial wealth during their tenures approach traditional retirement age at roughly the same time.
The departure adds to an ongoing changing of the guard at the company. It comes as Chief Executive Officer Tim Cook prepares to step down on September 1st 🙂. Other veteran leaders, including Cue, retail chief Deirdre O’Brien, and marketing head Greg Joswiak, have each spent around four decades at Apple.
Bailey joined Apple in the early 2000s and previously led the Apple Online Store before taking charge of payments. Under her leadership, Apple Pay expanded significantly and became one of the company’s most important services, while Wallet evolved to include digital keys, identification, and other features beyond traditional payment cards.
MacDailyNews Take: Congrats on your well-deserved retirement, Ms. Bailey!
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