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Apple Inc AAPL Vice-President of Services Peter Stern is reportedly leaving the tech giant.
What Happened: Stern heads Apple’s services business which envelops News+, Fitness+, and iCloud+ along with other subscription services.
Under Stern, the Tim Cook-led company’s paid subscription business, particularly Apple TV+, saw expansion, reported Insider.
The executive reportedly told colleagues he is leaving Apple to spend more time on the East Coast.
Notably, Stern was reportedly helping Apple bolster its presence in sports rights while running Apple TV+.
Apple did not immediately respond to Benzinga’s request for comment on the development.
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Why It Matters: Apple’s services business spun $19.19 billion in revenue in the fourth quarter — a rise of 5% compared with a similar period the previous year.
The Cupertino, California-based tech giant will split its services unit into three separate divisions, people familiar with the matter told Insider.
Oliver Schusser, in charge of Apple Music, and Robert Kondrk, vice president Apple Product Services and Design, are two of the executives who will take over some of Stern’s responsibilities. The exact details of the restructuring are not clear as of yet, according to Insider.
Apple saw the exit of several high-profile executives last year, including its vice president of online retail, Anna Matthiasson.
Price Action: On Monday, Apple shares closed 0.4% higher at $130.15 in regular trading and fell 0.3% in the after-hours session, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.