Apple’s vice president of services would leave the company.
Responsibilities Pierre Stern, who is currently the contractor for TV+, iCloud, Apple One and News+, will be split among several executives, Bloomberg reported on Tuesday (January 10).
Apple did not immediately respond to PYMNTS’ request for comment.
Stern was a key figure in building the services business, which now represents about $80 billion in revenue a year, according to the report.
His departure follows the departure of several other Apple executives, including major players in industrial design, privacy, information systems, online store, purchasing, and hardware and software engineering, according to The report.
It was reported on Nov. 1 that those responsible for Apple’s retail and information systems were leaving the company, part of what has already been a string of high-profile departures for the tech giant.
In October, AJ Services Company showed signs of slowing down as it faced headwinds that included both foreign exchange (FX) and the strong growth the company had experienced in recent years.
As PYMNTS reported on Oct. 27, at the time of the company’s latest earnings call, Apple’s revenue from the services segment grew 5% in its fiscal fourth quarter, but that growth rate was easily double digits in previous quarters.
Investors were less than enthusiastic about the numbers, which sent shares down as much as 5% during that time.
Recently, Apple started the new year with Market Value which fell to less than $2 trillion per year after hitting $3 trillion.
It was the first time since 2021 that the company’s market valuation fell below $2 trillion. This happened a year to the day after Apple became the first company to hit the $3 trillion milestone.
Apple hasn’t been the only one to see a valuation drop over the past 12 months. The top 10 tech stocks — the tech companies that were the largest by market capitalization at the end of 2022 — lost a total of $4.6 trillion in market valuation last year, looking for a alpha mentioned Dec 31.