Key Apple services exec reportedly leaving the company this month
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A top Apple (NASDAQ:AAPL) executive in the company's all-important Services unit is leaving the tech giant at the end of January.
Peter Stern, who is in charge of video, news, books, iCloud, advertising, Fitness+, and Apple One, is slated to leave Apple (AAPL) after having been at the company for more than six years, Insider reported. Stern had been seen as potential successor to Apple's (AAPL) Senior Vice President of Services, Eddy Cue, who reports directly to Chief Executive Tim Cook.
Stern, who joined Apple (AAPL) from Time Warner Cable, also had a hand in the company's sports rights negotiations. In recent months, Apple (AAPL) has signed deals with Major League Baseball and Major League Soccer to bring games to its Apple TV+ streaming service.
Stern is reportedly leaving Apple (AAPL) to spend more time on the East Coast, a source familiar with the matter told Insider.
As a result of Stern's departure, Apple (AAPL) will reorganize its services unit and Stern's responsibilities into three separate divisions. One of the new divisions will be led by Oliver Schusser, who is responsible for Apple Music.
Apple (AAPL) shares were up more than 1% in trading on Monday, in line with the broader Nasdaq.
Cupertino, California-based Apple (AAPL) is slated to report fiscal first-quarter results on February 2.
Last week, Loup Ventures analyst Gene Munster said he was still optimistic about Apple (AAPL) in the long run, adding that the stock could reach $250 by next year.