Apple (AAPL) executive Phil Schiller stepped down from his role overseeing the App Store and Apple product events, Bloomberg reported Monday, citing people familiar with the matter.

Schiller maintains his Apple Fellow title and will be working on unspecified initiatives, the report said.

Apple is shifting responsibility for the App Store to the services division run by executive Eddy Cue, the report said.

Apple did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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