(Bloomberg) -- Apple Inc.'s Jennifer Bailey, the longtime head of Pay and Wallet services, is retiring after more than two decades at the company, adding to a sweeping changing of the guard at the iPhone maker. Most Read from BloombergApple services chief Eddy Cue announced her departure in a staff memo seen by Bloomberg News. Bailey, who has been vice president of Apple Pay since its launch in 2014, is exiting in October, he said. "Under Jennifer's leadership, Apple Pay has changed the way hundreds of millions of our users pay," Cue said. Apple Pay, a payment service that lets people make purchases in person and online, has become one of the company's most lucrative offerings.