Apple’s head of Apple Pay and Wallet is retiring in October, according to a new report from Bloomberg. Jennifer Bailey joined Apple in the early 2000s and has served as vice president of Apple Pay since 2014.

The move was announced inside Apple in a memo from services boss Eddy Cue, who praised Bailey’s work at the company. Apple will detail succession planning for Bailey before her departure in October, according to Cue:

“After more than 25 years at Apple, Jennifer Bailey has decided to retire in October. During her tenure, Jennifer has made extraordinary contributions from leading the Apple Store Online through a period of significant growth and global expansion to overseeing the launch of Apple Pay.

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.”

According to Bloomberg, Bailey’s departure is seen as a “major loss within Apple.”

Bailey joined Apple in the early 2000s and started leading the Apple Online Store team in 2003. She then became vice president of Apple Pay in 2014, the same year that the payment platform launched. She has also overseen Apple Wallet. Over the years, Bailey has been a fixture of Apple keynotes.

Cue’s memo concludes:

”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.”

Today’s report from Bloomberg also reveals that Josh Rosenstock is departing Apple in an “unrelated move.” Rosenstock is a senior director of corporate communications inside Apple, working on financial and investor PR for the company.

The changes, of course, come as Apple prepares for John Ternus to take over as CEO from Tim Cook on September 1.

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