Jimmy Iovine To Exit Apple In August, 4 Years After The $3 Billion Beats Deal
Jimmy Iovine will leave Apple in August, according to multiple sources. The exit comes just months past four years after Apple bought the Iovine and Dr. Dre led Beats headphone manufacturer and streaming music service; and is likely timed to match the full vetting of his stock options and Apple employment contract.
While Iovine was instrumental in the launch of Beats-based Apple Music, his importance at Apple has been on the decline. He's has been absent from the stage at major Apple events and has not led any significant new initiatives well over a year.
When asked what will happen when that contract is up in August, Iovine has previously replied with a version of “I have no idea what I’ll be doing then. I’ll be 65,” according to to recode's Peter Kafka.
Thus far Iovine and Apple have not commented on the latest reports. While he will do next is anyone's guess, it's hard to imagine the hard driving music executive just fading into the background.