Apple Puts M&A Leadership Under CFO as Buyback Pace Remains in Focus
Apple appointed Steve Smith to lead mergers and acquisitions, replacing Adrian Perica, who had run the function for 17 years. Smith will report to CFO Kevan Parekh, shifting M&A oversight back into Apple’s finance division. The article notes Apple’s large repurchase program, including $90.71 billion of share repurchases in fiscal 2025, and says the next update comes with the fiscal fourth-quarter report on November 2.
Apple's M&A oversight now sits with finance chief Kevan Parekh after Steve Smith's appointment. Smith had been a senior corporate development director and a long-serving deputy to Adrian Perica, who spent 17 years leading the function before shifting to services under Eddy Cue, retaining iCloud, Fitness+ and Apple News.
The change is among the first leadership moves since John Ternus became CEO on September 1, and Apple disclosed no accompanying acquisition. Its capital return remains large: fiscal 2025 share repurchases were $90.71 billion, roughly 30 times the 2014 Beats deal, while cash and short-term investments declined from $100.56 billion in fiscal 2019 to $54.70 billion in fiscal 2025.
Apple's decision may matter most to investors, employees, and service partners, because a CFO-led M&A function could signal tighter financial discipline around dealmaking. If buybacks keep outpacing acquisitions, capital may continue flowing to shareholders rather than to new products or integrations. Consumers and developers might see little immediate change, though any future deal could affect competition, jobs, and the services ecosystem. The November 2 update may clarify priorities but not settle them.