Investing.com -- Apple Inc. is appointing Steve Smith as its new head of mergers and acquisitions, replacing Adrian Perica who held the position for over a decade, Bloomberg reported Thursday.

The change represents the latest management shift under new Chief Executive Officer John Ternus, who took over from Tim Cook on Sept. 1.

Smith, who previously served as a longtime lieutenant under Perica, will report to Chief Financial Officer Kevan Parekh. This move returns the M&A team to the finance division for the first time since 2019, when Perica began reporting directly to then-CEO Tim Cook.

Perica will continue at Apple, maintaining his current role overseeing the iCloud, Fitness+ and News businesses, which he has led since 2023. He will report to services chief Eddy Cue.

Apple is also promoting Carson Oliver to vice president of the App Store. Oliver assumed leadership of the business in recent months as Phil Schiller, the longtime head of the App Store and Apple events, reduced his day-to-day responsibilities. Oliver will report to Cue.

The services division has undergone multiple leadership changes in recent months, with Cue gaining oversight of the App Store and the company's Health and Fitness teams. Jennifer Bailey, the longtime head of Apple's Pay and Wallet offerings, is retiring this year. Cue has not yet named a successor to oversee the payments business.

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