Adrian Perica Named Apple's VP of Corporate Development

Discussion in 'Mac Blog Discussion' started by MacRumors, Apr 3, 2019.

  1. MacRumors macrumors bot

    MacRumors

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    [​IMG]


    Apple this afternoon updated its Apple Leadership page to add Adrian Perica, who has been named the company's vice president of Corporate Development.

    In his role as VP of Corporate Development, Perica will be responsible for Apple's mergers, acquisitions, and strategic investing efforts.

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    Perica, who has been with Apple since 2009, will be reporting directly to Apple CEO Tim Cook. Prior to joining Apple, Perica worked at Goldman Sachs and Deloitte Consulting.

    Prior to being named Apple's VP of Corporate Development, Perica was the head of mergers and acquisitions, responsible for the team that handles Apple's acquisitions.

    Article Link: Adrian Perica Named Apple's VP of Corporate Development
     
  2. DocMultimedia macrumors 6502a

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  3. Doctor Q Administrator

    Doctor Q

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    #3
    Apple does acquisitions and strategic investing. No mergers so far!

    Perica will oversee the processes of acquisitions, but I assume that Tim Cook will make the decisions about which companies to acquire, since it's based on the company's overall strategy. That's not something a VP would do in isolation.
     
  4. Jamo12 macrumors regular

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    He looks kind of like a ‘proper’ Andy Samberg...
     
  5. PickUrPoison, Apr 3, 2019
    Last edited: Apr 3, 2019

    PickUrPoison macrumors 68040

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    Absolutely... Perica doesn’t have go/no-go decision making authority. Cook would definitely have the yes/no decision, but Perica and his team would develop/analyze/evaluate the business case for any potential acquisitions or investments, in consultation with other top management. Outside assistance would also be sought in some or even many deals I would think. Bus dev would present to Cook and make their case on why they are recommending (or not) going ahead with a deal.

    Cook would likely talk with his team to get their direct thoughts, as he’s known to be a collaborative decision maker. But the ultimate decision is his, though consent from the Board would presumably be required if the deal is bigger than Cook’s signoff authority (which is likely quite large :)).
     
  6. Doctor Q Administrator

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    Thanks. That's a helpful summary.

    Wouldn't it be interesting to know what acquisitions they strongly considered and then rejected?
     
  7. mcfrazieriv macrumors 6502a

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    #7
    I often wonder if they bought Macrumors.com - sounds plausible when you read all the various positive reviews about Apple gear on this site. And those so called "leaks"
     
  8. PickUrPoison macrumors 68040

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    Yes, though the article correctly states Perica is responsible for acquisition and strategic investment efforts, I don’t think the author was implying that it was a one-man show. There are plenty of others involved, not the least of whom, as you pointed out, is Mr. Cook himself :)

    And yes it would definitely be interesting to hear which companies they ultimately passed on, and even more so, their reasoning. Netflix and Disney both had to have crossed their mind years ago, among many others I’m sure. Others, such as Tesla, I’m sure not.
     
  9. kriebe macrumors member

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    #9
    Exactly what I came in here to post.
     
  10. 69Mustang macrumors 604

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    "Prior to joining Apple in 2009, Perica served as a banker at Goldman Sachs for eight years and worked at Deloitte Consulting. He also served as an officer in the United States Army. He holds a physics degree from the United States Military Academy at West Point, as well as an MBA from MIT."

    Obviously a slacker.
     
  11. PickUrPoison macrumors 68040

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    He really does...
     
  12. DeepIn2U macrumors 603

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    Still it's good to see Apple promoting from within. Helps moral for other employees in various departments and levels.
     
  13. miniroll32 macrumors 65816

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  14. calstanford macrumors regular

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    Would be nice if Apple bothered having a Product Management department for a change. Only tech company I’ve seen that has sales and marketing people tell engineers what to work on. And it shows.
     
  15. atomic.flip macrumors regular

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    #15
    Actually, not to be a pain in the *** but that’s not entirely true.

    Generally speaking the CEO reports to the board of directors. Any transaction that is of “material importance” to the company will almost always require prior consent from the board of directors. This would absolutely include mergers and acquisitions.

    Keeping things streamlined in an organization is important. And while the CEO reports to and is directly managed by the Board of Directors the CEO is not the only one who may be managed in such a way. Due to basic business logistics the board is generally only organized to oversee large transactions, especially those involving equity transactions (shares and so on).

    It’s entirely possible and quite likely that Mr. Perica would be managed by Tim Cook but also report directly to the Board of Directors on matters pertinent to such transactions that are of material importance to the corporation. i.e. mergers and acquisitions

    Cook no doubt may offer counsel and his opinion should hold considerable weight. Similarly he can direct Adrian to focus on priorities of strategic importance (so long as those priorities do not conflict with prior direction set by the Board).

    Blah blah blah... you’re a public company, the Board has very broad authority over your existence. If they don’t like the way things are run, they replace the CEO and so on.

    Other officers of a company that may (and often do) report to the board are the CFO, the CIO/CTO and at times the COO.

    Remember Tim Cook was COO (which is basically like a 2nd in command often taking on responsibilities of the CEO they either have no time, talent or interest in managing.) During Steve Jobs tenure at Apple and when his health was at it’s worst more and more day to day business was delegated to the COO.
     
  16. PickUrPoison, Apr 4, 2019
    Last edited: Apr 4, 2019

    PickUrPoison macrumors 68040

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    Well ok but did you not read my full post? I mentioned the necessity of Board approvals for certain transactions.

    However I would disagree on a couple points. Perica is very unlikely to report directly to the board. And though Board approval may well be required, in my experience the board will defer to the CEO (and top management) in most acquisition and strategic investment matters. (In Apple’s case merger can be safely ruled out I think!)

    These matters are typically handled by a simple consent document. Realistically, board members would not be in a better position than top management to know whether any specific corporate development activity/opportunity would be the best tactic to successfully execute on strategic plans. Most of Apple’s deals are relatively small, and I could easily imagine board consent being basically a formality for anything under $25-50 million. Of course they will read the analysis and recommendation documents but I think it would be rare to have a board member disagree/override Cook and his team. (Apple does not have an activist board.)

    Also, Cook and his senior management are responsible for strategic planning, the board would not be setting priorities in other directions. Of course the board can fire Cook if they are unhappy and decide a change is needed; after all they do have a fiduciary responsibility to the shareholders.

    But absent playing that card, the board will give Cook wide latitude in decision making including corporate development efforts, until and unless they have lost confidence in him. But Cook has been performing brilliantly, and shareholders would replace the board if the board even had so much as a fleeting thought of replacing Cook!
     
  17. GrumpyMom macrumors 604

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    Good to see positive staff movement rather than a departure. I wonder if his prior connection to Goldman Sachs helped at all with getting Apple Card launched. There's probably no connection, really, but I wonder if he was able to pass along some insights to his new boss.

    Oh and I can't resist...

    44d7dc221ca565854547e62073d152df.jpg
     
  18. AngerDanger, Apr 4, 2019
    Last edited: Apr 4, 2019

    AngerDanger macrumors 601

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    #18
    I couldn't see it at first, but after comparison, I have to agree.

    adrian-looks-like-andy-samberg2.gif

    Andy Samberg for the eventual Adrian Perica biopic!
     
  19. nikaru macrumors 6502

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    We would absolutly never know.
     
  20. Doctor Q Administrator

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    #20
    Are rejected acquisition targets always under a permanent NDA?
     
  21. pweicks macrumors regular

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    #21
    Did you find that somewhere else? Or did they decide to edit that out of the article suddenly for some reason?
     
  22. 69Mustang macrumors 604

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  23. PickUrPoison, Apr 13, 2019
    Last edited: Apr 13, 2019

    PickUrPoison macrumors 68040

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    #23
    There is such a thing as a perpetual NDA but I think these are typically reserved for disclosures involving trade secrets. It’s usually in a separate agreement from an NDA in my experience. Most of the NDAs I’ve seen in Silicon Valley have an expiration, five years seems to be rather common (or if information subject to the agreement is published or becomes generally known from some other source).

    Some jurisdictions take a dim view of overly-restrictive agreements of certain types (e.g. non-solicitation, non-disclosure and non-competes, in employment relationships especially) so that may have relevance.

    Anyway that’s my (very limited) understanding but IANAL... maybe one will chime in :)
     

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