Jimmy Iovine will be stepping down from Apple Music in August 2018.
The former Interscope CEO joined Apple in 2014 after he sold Beats; a music service and electronics business which he co- founded with Dr. Dre, to the tech giant for $3 billion. Sources told Billboard that Jimmy’s departure from Apple is connected to his Apple shares fully vesting, which means that he had to stay with the company for a certain amount of time before he could weigh out his options.
Jimmy first met Apple founder Steve Jobs and exec Eddy Cue back in 2003, and has been a key advocate for Apple’s iTunes and iPod. Because of his focus on content and program developing, Jimmy has helped Apple Music and Apple’s subscription streaming service to expand to more than 30 million paying subscribers since it’s launch in June 2015.
When asked about his plans after Apple, lovine told Billboard in a September interview that he was focused for the time being on bringing music streaming up to speed.
“I’m 64 years old. I have no idea what i’m doing next. There’s just a problem here that needs some sort of solution, and i want to contribute to it.”
There has been no confirmation yet on whether or not Apple will replace Iovine.