Apple names insider Steve Smith as new M&A chief, memo shows

Apple has appointed Steve Smith as the new head of mergers and acquisitions, as revealed by a memo seen by Reuters on Thursday. The move comes as the company continues to shift management under its new CEO, John Ternus. Adrian Perica, who has been with Apple for over 17 years in the M&A and corporate development function, has been reassigned to oversee iCloud, Fitness+, News, and other businesses.

His new role will see him report directly to Eddy Cue, the services chief. Cue expressed his excitement about Perica's return, stating, "We have big plans for services and I’m thrilled to be getting more of Adrian’s time." Smith will now report to Apple's Chief Financial Officer, Kevan Parekh. Additionally, Bloomberg News reported that Apple is promoting Carson Oliver to vice president of the App Store, a development first revealed earlier on the same day. Apple's share price rose by approximately 1.4% in response to the news.