The 64-year-old Iovine, a co-founder of Beats and Universal Music Group's Interscope Records, joined Apple in 2014 when the tech giant shelled out $3 billion to buy Beats, the maker of high-end headphones. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive.
The report explains that Iovine is planning his departure for August so that his shares will fully vest, making for a more lucrative move.More news: Berlin New Year party to have women 'safe zone'
Apple declines to make a comment to Billboard.
Though to be fair, Apple Music, Apple's subscription streaming service, has expanded to more than 30 million paying subscribers since its June 2015 launch. He was a key proponent of both the device and the music download service.
A couple years ago, Jimmy Iovine talked about never having a chance at snagging rap star Kanye West with his longtime pal JAY-Z launching competitive service TIDAL. I want him to do great. When I produced records, I used to ask Quincy [Jones] to come in and help me. "You know, I'll see what happens".