(Bloomberg) -- Apple Inc. hired former Time Warner Cable Inc. executive Peter Stern to help the Cupertino, California-based company beef up revenue from web-subscription businesses.
Stern will become a vice president working on cloud services and reporting to Apple’s services chief Eddy Cue, according to a person familiar with the matter. An Apple spokesman confirmed the hire, which was reported earlier by The Wall Street Journal.
Apple has been seeking more revenue growth from services businesses such as music streaming and film downloads to offset fluctuations in sales of iPhones and iPads. The company has tried to introduce a television streaming service, and in recent months has unveiled a series of exclusive music- and app-based shows developed under Jimmy Iovine, who heads much of Apple’s music operations.
Cue will be able to lean on Stern’s experience in the cable industry for strategic planning, according to the person. The Harvard University and Yale Law School graduate spent 15 years at Time Warner Cable, culminating in a role as chief product and strategy officer. He left the New York-based company in June, a month after its acquisition by Charter Communications Inc. Patrice Gautier will meanwhile retain his role as vice president of engineering, maps and iCloud at Apple, the person said.
Apple’s services revenue climbed to almost $6 billion in its most recent quarter, about 14 percent of its total sales in that period and up from $5 billion a year earlier.
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