Jennifer Bailey, Apple’s longtime head of its Pay and Wallet services, is stepping down after more than two decades with the company, according to a memo seen by Bloomberg.

Head of Apple services Eddy Cue announced in an internal memo that Bailey, who has headed Apple Pay since its launch in 2014, will depart in October.

“Under Jennifer’s leadership, Apple Pay has changed the way hundreds of millions of our users pay,” Cue said. “Before Jennifer’s transition at the end of October, we will announce our succession plan, and Jennifer will continue to be available to support the transition in an advisory role.”

A spokesperson for the technology company declined to comment to Bloomberg.

Apple Pay, its digital payment software, is one of the company’s highest earning products, generating over $7.5 billion a year according to analyst estimates compiled by Bloomberg.

People with knowledge of the move have told the news outlet that Bailey’s exit is seen as a major loss for the company, and one that may herald a series of further moves by senior leaders in their 60s.

Several other longstanding figures at the company are set to or have already departed this year, including general counsel Kate Adams and head of environment Lisa Jackson. Most significantly, Tim Cook, who has led the company since the death of co-founder Steve Jobs in 2011, will depart as chief executive on 1 September to be replaced by current hardware chief John Ternus.

Bloomberg reported that other key figures who remain at the company in smaller roles, including former chief financial officer Luca Maestri and marketing head Phil Schiller, are likely nearing the end of their tenure.

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