Apple Executive Pete Distad to Step Down After 7 Years of Fueling Growth
After seven years with Apple Inc., Pete Distad, the company‘s top executive in charge of video and sports businesses, has announced his departure. Sources close to the matter say he plans to leave Apple this month.
Distad joined Apple in 2013 from the Hulu streaming service, where he ran marketing and distribution. In his current role, Distad oversaw the business and operations side of the Apple TV app and the TV+ streaming service. He was responsible for negotiating deals with Major League Soccer and Major League Baseball, and turning the Apple TV set–top box into a hub for video content.
Distad’s departure is the third major exit from Apple’s services organization, following the earlier departures of Peter Stern and Michael Abbott. Stern ran many of Apple’s services businesses and was formerly Distad’s boss, while Abbott oversaw Apple’s cloud services group. Jim DeLorenzo has been elevated to replace Distad on the sports side, and Apple is now seeking a replacement for the TV business duties.
The content arm of Apple TV+ is run by worldwide video heads Jamie Erlicht and Zack Van Amburg, who remain in their roles and report to Eddy Cue, head of services. Services have become a key part of Apple‘s overall business, and the company cited it as a bright spot during its quarterly report last week. The segment saw a 5.5% increase, generating nearly $21 billion.
Apple has boosted services revenue by selling bundles of different offerings at a reduced price and offering promotions for new device buyers and certain wireless carriers. Distad has also been responsible for getting customers to pay Apple to view content, though Apple TV+ is not seen as a major moneymaker. Despite this, the platform has elevated the company’s image in the media world, with its movie “CODA” winning a best picture Oscar last year and its show “Ted Lasso” being a streaming hit. However, Apple TV+ still trails other streaming services in market share.