Apple pipeline to private equity firm continues to flow
Elevation Partners, a $1.9 billion Silicon Valley private equity firm, on Tuesday welcomed former Apple executive Avie Tevanian as a new managing director. The announcement provided just the latest link in a three-way chain connecting Elevation, Apple and smartphone maker Palm.
Tevanian — who was formerly chief software technology officer at Apple — joins ex-Apple CFO Fred Anderson at Elevation, a firm Anderson co-founded (along with U2 frontman Bono, among others).
Elevation is of course a big shareholder in Apple rival Palm, which has had something of an antagonistic relationship with the iPhone maker. Palm itself counts ex-Apple execs among its ranks, including CEO Jon Rubinstein and senior vice president of product development Mike Bell.
“Avie and I worked closely together at Apple for many years and I have always admired his engineering talent and leadership, his strategic vision for how software can transform businesses and his ability to execute on that vision,” Anderson said in a press release announcing Tevanian’s arrival at Elevation.
Tevanian spent nearly a decade at Apple (he also worked at NeXT Computer, the outfit Steve Jobs founded in the mid 1980s after his estrangement from Apple). At Apple, Tevanian led the software team that developed the OS X operating system.
Palm is still working through a bumpy turnaround effort, with its hopes pinned on the success of its Pre and Pixi smartphones.
(Photo courtesy of SFGate)