Apple is reshaping its senior leadership structure around mergers and acquisitions and its services business, appointing insider Steve Smith to lead M&A while shifting veteran executive Adrian Perica into a broader services-focused role. The changes highlight how Apple is positioning its corporate development function and services portfolio as the company navigates its next phase of growth under new CEO John Ternus.

Apple Turns to an Insider for M&A Leadership

According to a memo seen by Reuters, Steve Smith has been appointed head of mergers and acquisitions and will report directly to Chief Financial Officer Kevan Parekh. The appointment places a company insider at the center of Apple’s dealmaking activities at a time when strategic acquisitions can play an important role in strengthening technology capabilities, expanding product ecosystems and supporting longer-term growth.

The move also provides continuity within Apple’s corporate development organization rather than signaling a wholesale change in its approach to acquisitions. Smith’s appointment comes as the company continues to evaluate how external assets and technologies can complement its existing businesses in an increasingly competitive global technology market.

Adrian Perica Shifts Focus to Services

Perica, a more than 17-year veteran of Apple’s M&A and corporate development operations, is moving entirely into the services leadership team and will report to services chief Eddy Cue. Perica had already taken responsibility for iCloud, Fitness+ and News, among other businesses, in 2023, according to Cue’s memo.

The expanded services role gives Apple an experienced corporate development executive greater responsibility inside one of its strategically important operating areas. Cue said in the memo that Apple has significant plans for services and expressed enthusiasm about having more of Perica’s time dedicated to the division.

Services and M&A Remain Strategic Priorities

The leadership changes underline the increasingly interconnected roles of corporate development and services in Apple’s broader strategy. M&A can provide access to technologies, intellectual property, talent and platforms that may complement Apple’s hardware and software ecosystem, while services provide opportunities to deepen customer engagement across its installed base.

The restructuring also comes alongside other management changes. Apple is promoting Carson Oliver to vice president of the App Store, according to Bloomberg News, further indicating an adjustment of responsibilities across parts of the services organization. Apple did not immediately respond to a Reuters request for comment on the leadership changes.

What Investors Will Watch Next

Apple shares were up about 1.4% on Thursday, according to Reuters, although the immediate market reaction provides limited insight into the longer-term significance of the appointments. Investors will likely focus less on the personnel changes themselves and more on whether the new structure translates into measurable strategic activity, including acquisitions, services expansion and new sources of technology-driven growth.

Going forward, Smith’s approach to M&A and Perica’s expanded services mandate will be important areas to monitor. The key question will be whether Apple uses the leadership realignment to accelerate strategic investments while maintaining disciplined capital allocation. As the company enters a new leadership era, the balance between organic innovation, acquisitions and services expansion could become increasingly important to its global growth strategy.