Jimmy Iovine, the music mogul who sold Beats to Apple in 2014, is reportedly leaving Apple later this year (in August), Billboard reports. Word on the street is that Iovine’s departure is timed with his Apple shares fully vesting, according to Billboard.
Back in May 2014, Apple paid $3 billion for the headphone maker and streaming music service. As part of the deal, Iovine and Beats co-founder Dr. Dre joined Apple as employees. Iovine previously co-founded Interscope Records and has been involved in the production of more than 250 albums.
While at Apple, Iovine has helped develop and grow Apple Music since its launch in 2015. Under Iovine’s leadership, Apple Music moved into video and original programming. Apple Music currently has 30 million subscribers, while Spotify has 70 million subscribers.
Just last month, Apple snapped up Shazam, the popular app that lets people identify songs, TV shows, films and advertising in a matter of seconds.
I’ve reached out to Apple and will update this story if I hear back.