• by Karlene Lukovitz  @KLmarketdaily, January 10, 2023

Peter Stern, who oversaw expansion of Apple TV+ and other subscription services as vice president of Apple Services for six years, is leaving the company, as restructuring of that unit continues.

Stern told colleagues that he will leave at the end of January in order to spend more time on the East Coast, according to Business Insider sources.

He reported to Apple Senior Vice President Eddy Cue, and had been considered Cue’s likely successor, although Cue, an Apple veteran of more than 30 years, has not announced plans to retire.

Stern led Apple's strategy to expand subscriptions, helped build the business operations for Apple TV+ and other services, including Apple Books, Apple Arcade, Fitness+ and News+, and introduced subscription bundles and partnering with other video streaming services within the Apple TV+ app.

With Apple seeking to reduce its reliance on device sales and doubling down on services, the company began restructuring last year to focus specifically on pumping up the unit’s streaming and advertising revenue.

In May, oversight of advertising was removed from Stern’s responsibilities. He was charged with focusing on video, iCloud and other services. Advertising vice president Todd Teresi began reporting directly to Cue last January, and was reportedly taking on more responsibility.

Now, Apple has decided to divide Stern’s responsibilities over multiple divisions, with Apple Music chief Oliver Schusse, and Apple Product Services and Design VP Robert Kondrk reportedly among those being tapped.

Earlier this month, Apple also hired Ricky Strauss, a top Disney+ marketing executive, to lead consumer marketing campaigns, creative advertising, media and promotions across original series and films for Apple TV+.

In October, Apple announced it was implementing its first price increases for Apple TV+, Apple Music and the Apple One subscription bundle.

Also in October, Apple reported that the Services business’s revenue grew 5% year-over-year in the fourth quarter ended September, to reach $19.19 billion. The business generated nearly $80 billion in revenue in fiscal 2022.