Apple’s VP of Services Peter Stern Reportedly Leaving – Apple…

Apple’s VP of Services Peter Stern Reportedly Leaving – Apple…

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apple inc AAPL Vice President of Services peter star is reportedly leaving the tech giant.

What happened: Stern heads Apple’s services business, which includes News+, Fitness+ and iCloud+, among other subscription services.

Under star, the Tim cookThe -led company’s paid subscription business, particularly Apple TV+, has seen expansion, reported Insider.

The manager reportedly told his colleagues that he is leaving Apple to spend more time on the East Coast.

Notably, Stern reportedly helped Apple bolster his Presence in sports rights while Apple TV+ is running.

Apple did not immediately respond to Benzinga’s request for comment on the development.

See also: What are blue chip stocks? Definitions and Examples

Why it matters: Apple’s services business had revenue of $19.19 billion in the fourth quarter — up 5% from the same period last year.

The Cupertino, California-based tech giant will split its service unit into three separate divisions, people familiar with the matter told Insider.

OLIVER SCHUSSER, responsible for Apple Music and Robert Kondrk, Apple’s vice president of product services and design, are two of the executives who will assume some of Stern’s responsibilities. According to insiders, the exact details of the restructuring are not yet clear.

Apple saw the exit from several high-profile executives last year, including its vice president of online retail,Anna Mathiasson.

Price promotion: On Monday, Apple shares closed 0.4% higher at $130.15 in regular trade and fell 0.3% after the close Benzinga Pro data.

Continue reading: Apple broke the whopping $3 trillion mark exactly a year ago today — now it’s not even in the $2 trillion club

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