Investing.com -- Apple Inc. veteran executive Phil Schiller has relinquished oversight of the App Store and product launch events, marking a major executive transition just as the iPhone maker prepares for a historic leadership shift. According to a Bloomberg report, the 66-year-old executive will remain at the company under his Apple Fellow title to focus on unspecified initiatives.

The departure from operational duties comes immediately ahead of John Ternus assuming the role of Chief Executive Officer. Tim Cook, who has led Apple for 15 years following the era of Steve Jobs, will transition to Executive Chairman.

Schiller's step back underscores a broader generational shift across Apple’s executive suite as Ternus inherits a rapidly evolving leadership team. A wave of departures by longtime leaders, including upcoming exits in legal and payments, alongside recent leadership changes across operations, finance, hardware, and government affairs, presents an immediate organizational challenge for the incoming chief executive.

In the wake of Schiller's move, Apple is shifting oversight of the App Store, a key revenue engine estimated to generate more than $30 billion annually, to its services division led by Eddy Cue. Day-to-day operations for the digital marketplace will be managed by Carson Oliver, who now oversees app distribution, third-party marketplaces, and the Apple Arcade gaming service.

Concurrently, responsibility for global product launches and events is being transferred to Nola Weinstein, who previously served as Schiller's deputy. Weinstein will report directly to Kristin Huguet Quayle, Vice President of Communications and Public Relations, as Apple prepares for its upcoming September 9 event featuring its anticipated foldable iPhone and updated Apple Watch lineup.