Apple has named longtime insider Steve Smith as its new head of mergers and acquisitions, according to an internal memo seen by Reuters, in one of the latest management moves under Chief Executive John Ternus.
Adrian Perica, who led Apple’s M&A and corporate development work for more than 17 years, is moving full time onto the services leadership team and will report to services chief Eddy Cue. Perica had already taken oversight of iCloud, Fitness+, News, and other businesses in 2023 while remaining involved in dealmaking. Cue wrote that the company has “big plans for services” and that he was “thrilled to be getting more of Adrian’s time.”
Smith will report to Chief Financial Officer Kevan Parekh. Apple did not immediately respond to a request for comment on the change.
Separately, Bloomberg News, which first reported the broader reorganization earlier in the day, said Apple is promoting Carson Oliver to vice president of the App Store. Apple shares rose about 1.4% on Thursday.
MacDailyNews Take: Bottom line, the reshuffle splits M&A dealmaking from the services portfolio that Perica had straddled, putting M&A firmly under Apple’s finance arm while allowing Perica to concentrate on his work within Cue’s services group.
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