Jimmy Iovine is leaving Apple later this year, according to a new report from Billboard. Citing sources familiar with the matter, the outlet claims the executive plans to leave the company in August, after the shares he acquired as part of the Beats acquisition fully vest.
As the former CEO of Interscope Records and [of course] Beats co-founder, Iovine is one of the most respected names in the music business. He joined Apple in 2014 as part of their Beats buyout, and has since made several public appearances on the behalf of Apple Music.
Teamed up with the likes of Eddy Cue and Trent Reznor, Iovine has helped grow Apple Music into a competitive streaming service with more than 30 million paid subscribers. It’s not clear yet what his plans are after his departure, or if Apple intends to find a replacement.