One of Apple's top subscriptions executives, Peter Stern, is about to leave the company at the end of January, according to a report published by Business Insider on Monday.

According to sources familiar with the matter, the tech giant's Services unit will be divided among other divisions, with senior executive Oliver Schusser taking over some of Stern's responsibilities. Stern spent six years working for Apple, during which he helped the company establish a wide array of its subscription-based products, such as Apple TV+, Apple One, Fitness+, and iCloud+.

Apple's stock increased by about 1.4% following the report, after losing nearly a quarter of its market value over the past year.