Jennifer Bailey, the longtime Apple vice president who led the creation and expansion of Apple Pay, Apple Wallet, and Apple Card, is retiring from the tech giant after more than 23 years with the company, Bloomberg is reporting.

Her upcoming departure was revealed in an internal staff memo distributed by Apple Services chief Eddy Cue. Bailey will remain in her position through the end of October and will stay on in an advisory role to assist with the leadership transition. Apple stated that it will announce a succession plan before her departure date.

In the employee memo, Cue highlighted Bailey’s leadership over Apple’s financial platforms. “Under Jennifer’s leadership, Apple Pay has changed the way hundreds of millions of our users pay, with a simpler, more secure, and private experience,” Cue wrote. He added: “As we continue to work toward our vision of replacing the physical wallet, I’m more confident than ever in the work that we are all doing and look forward to an exciting future ahead.”

Bailey initially joined Apple in 2003 as vice president of worldwide online stores, helping guide the platform through a period of massive international expansion. In 2014, she shifted roles to lead internet services and launched Apple Pay, marking Apple’s official entry into financial technology.

Over the last 12 years, Bailey transformed Apple Pay from a new mobile feature into a cornerstone of Apple’s broader services ecosystem. Under her supervision, the team developed Apple Wallet, introduced Apple Card, launched Apple Cash, and rolled out Tap to Pay on iPhone. She also managed gift card programmes, partner operations, and trust and safety initiatives aimed at preventing financial fraud.

With incoming CEO John Ternus taking over leadership on September 1, Bailey’s departure marks another major transition for Apple’s top management team.