Jimmy Iovine to Leave Apple in August?

Jimmy Iovine to Leave Apple in August?

Jimmy Iovine to Leave Apple in August?

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.

Word of Iovine's departure first surfaced on the website Hits Daily Double, and was later confirmed by Billboard and Bloomberg.

The report explains that Iovine is planning his departure for August so that his shares will fully vest, making for a more lucrative move.

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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".

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