Apple Pay Chief Jennifer Bailey to Step Down After 25 Years

Jennifer Bailey, Apple's Pay and Wallet chief, is retiring after more than 25 years at the company. She will remain available in an advisory role during the transition period.

Bailey has led Apple Pay since its launch in 2014 and has overseen the expansion of the Wallet app beyond digital cards to include virtual keys for homes, cars, hotels, and identification cards.

The company's payment division, under Bailey's leadership, has generated more than $7.5 billion in revenue annually, according to analyst estimates compiled by Bloomberg.

Apple is facing a wave of senior leadership changes as a generation of top executives reaches retirement age, including the planned departure of CEO Tim Cook on September 1 and CFO Luca Maestri's reduced role.