Apple shifts dealmaking power to finance chief amid tightening European regulations now

Apple has moved its dealmaking group back to the finance department. This is the first time this happens since 2019. Kevan Parekh, who runs the chief financial office, will now lead the team again.

Steve Smith will take over running the group. He replaces Adrian Perica, who held the role for more than ten years. Perica is staying with other parts of the company instead.

The move follows a policy shift by Parekh in May. He ended the rule that kept Apple cash neutral and now treats debt differently. This opens up room to spend money on new purchases.

Financial reports show the company still holds about $54 billion in net cash. Big deals like the Beats purchase cost billions while smaller AI firms cost much less. The team also handles key partnerships for search engines and artificial intelligence tools.

Another leader is changing roles at the same time. Carson Oliver has been promoted to run the App Store. He was already managing the daily work after another executive stepped back.

This job now focuses heavily on meeting European laws. Officials have fined the store for rules on how apps are steered. New fees also changed from a percentage to a flat rate in August.

A third leadership seat is currently empty right now. Jennifer Bailey left her role running Apple Pay and Wallet this month. The services chief has not named a replacement yet.

Three major parts of Apple face heavy regulation in Europe. These include the app store, payment systems, and the deal keeping Google on devices. Two leadership roles changed in six weeks while one stays open.