Apple’s old guard shrinks as Pay chief retires

Apple has announced that Jennifer Bailey, its longtime head of Pay and Wallet services, is retiring after more than two decades at the company. Bailey, who has been leading Apple Pay since its launch in 2014, will step down at the end of October. She will maintain an advisory role during the transition. Apple Pay has become a significant business for the company, with annual revenue estimates exceeding $7.5 billion.

The service has enabled users to make purchases in stores and online, contributing to Apple's expansion into financial services. Bailey's leadership has been instrumental in Apple Pay's development and growth, making the company's digital wallet more secure and user-friendly. She has also overseen the launch of Apple Card and played a key role in Apple's broader ecosystem.

The announcement of Bailey's departure is seen as a significant loss for Apple, as she is one of the company's most senior and influential female executives. Apple's services chief, Eddy Cue, announced her retirement in a staff memo, expressing his gratitude for her contributions and announcing the company's plans for a succession.