Apple Moves Its Deal Team Back Under CFO After Seven Years
Apple is relocating its mergers and acquisitions (M&A) team under the direct supervision of its chief financial officer (CFO), Kevan Parekh, for the first time since 2019. This shift follows Steve Smith's appointment as M&A head, replacing Adrian Perica, who had been in charge for over a decade. Smith will report to Parekh.
Perica will retain responsibility for iCloud, Fitness+, and News but continues to report to Eddy Cue, the services chief, according to Bloomberg. Apple declined to comment on the change.
Parekh, known for dropping Apple's net cash neutral policy in May, signaling room for larger acquisitions, had previously told the May earnings call that Apple would independently assess cash and debt.
Apple's notable past acquisitions include Beats (2014) for $3 billion and Israeli AI firm Q.ai this year for approximately $2 billion. Beyond buyouts, the team also negotiates partnerships, such as integrating ChatGPT into Apple products and Google as the default search engine.
Other recent changes in leadership include:
- Carson Oliver taking over as vice president of the App Store, a role that has become increasingly focused on European regulation due to recent fines and policy changes.
- Jennifer Bailey's departure from Apple Pay and Wallet after years of service; her successor has not been announced.
With these moves, Apple navigates heightened regulatory scrutiny in Europe, particularly regarding the App Store, payments, and Google's presence on its devices.