Apple’s leading service provider is the latest executive to leave the company

Apple’s vice president of services is reportedly leaving the company.

The responsibilities of Peter Stern, who is currently chief executive officer for the company’s TV+, iCloud, Apple One and News+, will be shared among several executives, Bloomberg reported on Tuesday (January 10).

Apple did not immediately respond to PYMNTS’ request for comment.

According to the report, Stern was a key figure in building the company’s services business, which now accounts for about $80 billion of its revenue annually.

His departure follows that of several other Apple executives, including top players in industrial design, privacy, information systems, online store, procurement, and hardware and software development, the report said.

On November 1, it was reported that the heads of Apple’s online retail and information systems were leaving the company, part of what has already been a series of high-profile departures from the tech giant.

In October, the services business showed signs of slowing as it faced headwinds that included both foreign exchange (FX) and the challenge of overtaking the company’s strong growth in recent years.

As PYMNTS reported Oct. 27, Apple’s services revenue was up 5% at the time of the company’s most recent earnings call in its fiscal fourth quarter, but that growth rate had been double-digit in prior quarters.

Investors were less than thrilled with the numbers, sending shares down as much as 5% at the time.

More recently, Apple kicked off the new year with a market cap that had fallen below $2 trillion a year after hitting $3 trillion.

That was the first time since 2021 that the company’s market valuation has fallen below $2 trillion. It happened exactly one year to the day after Apple became the first company to hit that $3 trillion mark.

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Apple wasn’t the only one to see its valuation fall over the past 12 months. The top 10 tech stocks — the tech companies that were the largest by market cap at the end of 2022 — lost a combined $4.6 trillion in market valuation over the past year, Seeking Alpha reported Dec. 31.

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