Apple is restructuring its acquisitions department. The manager who has overseen acquisitions like Beats since 2009 is moving to the services division – and is considered a possible successor to Eddy Cue. At the same time, the App Store is getting its own Vice President.
Under John Ternus, the restructuring of the second management level continues. According to a Bloomberg report, Steve Smith will take over as head of mergers and acquisitions. He succeeds Adrian Perica, whose long-time deputy he was, and will report to CFO Kevan Parekh.
Perica will in turn take on a larger role in the services business under Eddy Cue. These personnel changes are part of a series of reshuffles that have characterized Apple's leadership team since the summer.
Key Facts at a Glance
- Steve Smith will lead Apple's acquisitions and investments and will report to Chief Financial Officer Kevan Parekh.
- Adrian Perica, who has been with Apple since 2009 and involved in deals like Beats, is moving to the Services business and will report directly to Eddy Cue.
- Perica and Apple Music chief Oliver Schusser are considered by many employees to be the most promising candidates to succeed Cue.
- Carson Oliver will become Vice President of the App Store, also under Cue.
Perica divests its acquisition business
Perica joined Apple from Goldman Sachs in 2009 and has since been responsible for acquisitions and strategic investments. Under his leadership, Apple oversaw the 2014 acquisition of Beats for $3 billion and the investment in the Chinese ride-hailing service Didi Chuxing. In April 2019, Apple appointed him Vice President of Corporate Development, reporting directly to the CEO, as Bloomberg reported at the time.
Since 2023, Perica has also been responsible for the business of several services, including iCloud, Fitness+, and Apple News, according to Bloomberg. He is now expanding this role, while the acquisition business is being handed over to Smith.
Apple's recent acquisition activity has focused primarily on the AI sector: In January , the company confirmed the purchase of Q.ai, and in the summer, reports indicated that Apple was exploring acquisitions of AI chip companies.
Acquisitions are moving back to the CFO
With Smith's appointment, responsibility returns to where it was before 2019. Until Perica's promotion, the acquisition business was under the purview of the CFO, then Luca Maestri. This position is now held by Parekh, who took over from Maestri at the beginning of 2025.
| Period | Management of Acquisitions | Reporting line |
|---|---|---|
| until April 2019 | Adrian Perica | Chief Financial Officer |
| from April 2019 | Adrian Perica (Vice President Corporate Development) | CEO Tim Cook |
| from October 2026 | Steve Smith | Chief Financial Officer Kevan Parekh |
Perica no longer appears on Apple's leadership page since the CEO change. Cue is listed there with the title Senior Vice President Services and Health.
Perica moves up in Cue's organization
Cue's responsibilities have grown in recent weeks. At the end of August, the App Store reverted to him after Phil Schiller stepped down from his role overseeing the App Store and Apple Events. Cue had previously led the App Store until 2015.
According to Bloomberg, Cue is currently considering several potential successors. Many employees with insight into the situation believe Perica and Oliver Schusser, who heads Apple Music, are the most promising candidates. Dividing Cue's responsibilities between the two is also being discussed.
Bloomberg has a strong track record regarding Apple personnel decisions and was most recently the first to report Schiller's departure. The question of his successor, however, is based on employee opinions, not a formal decision – it reflects the prevailing sentiment.
Dedicated Vice President for the App Store
Furthermore, according to the report, Apple is promoting Carson Oliver to Vice President of the App Store, reporting to Cue. Since Schiller's departure, the department had been directly under Cue; now it will once again have its own dedicated leadership.
For developers and users in the EU, this is not a side issue. The App Store is designated as a central platform service under the Digital Markets Act, and commissions, alternative distribution channels, and developer regulations have been under scrutiny by the EU Commission for years.
The restructuring reveals more about services than about acquisitions
I believe the shift in services is the real news. Regarding acquisitions, there's little to suggest a change of course: Smith was Perica's long-time deputy, and according to Bloomberg, Apple already tended to avoid large acquisitions in 2019 – the year before, the company bought 18 companies, none for more than a billion dollars. Therefore, I expect Apple to continue with many small acquisitions under Smith as well.
What's more interesting is how Cue's organization is taking shape. With Perica, she's getting a manager who reported directly to the CEO for years, and with Oliver, a dedicated head of the App Store. Ternus wants to make Apple faster and leaner – whoever ultimately leads the services business will have a say in how Apple deals with regulators and developers.
Should Apple split Cues between Perica and Schusser after his departure, or does the services business need a single leader responsible for everything from the App Store to Apple Music? Share your prediction in the comments.
