Jimmy Iovine’s time at Apple may be coming to an end. According to Hits Daily Double, Bloomberg and Billboard the Beats co-founder is planning to leave the company in August once his shares have fully vested.
Iovine joined Apple’s Music division in 2014 when the company acquired Beats for $3 billion USD.
Outside of Beats, the Brooklyn-born entrepreneur also founded Interscope Records in 1990, which later went on to become part of Vivendi’s Universal Music Group.
Iovine also worked as a recording engineer with the likes of John Lennon and Bruce Springsteen, while producing others acts like Tom Petty and U2.
It’s currently unclear if Apple will replace Iovine, who never had a specific title at the company.
Image credit: Wikimedia Commons
Update 10/01/2018: Jimmy Iovine spoke with entertainment publication Variety, stating that he has no plans to leave the company.
“I am almost 65, have been with Apple for four years and in two-and-a-half years, the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued ts successful fun,” said Iovine, in an interview with Variety. “But there’s still a lot more we’d like to do. I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do, to help wherever and however I can, to take this all the way. I am in the band.”