Jimmy Iovine to Step Back From Apple in August [WSJ]

Jimmy Iovine to Step Back From Apple in August [WSJ]

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Apple executive Jimmy Iovine is planning to step back from his role at the company in August, according to a WSJ report. Back in January, a similar report from Billboard predicted that Iovine would leave the company in August; however, Iovine denied the rumor.

“I am almost 65, have been with Apple for four years and in 2 1/2 years the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued its successful run. But there’s still a lot more we’d like to do", said Iovine. "I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do, to help wherever and however I can, to take this all the way. I am in the band.”

Despite his statement, the WSJ says he will transition into a consulting role in August and step back from daily involvement in the company's streaming music business.

For Mr. Iovine and his colleagues, transitioning from the edgy culture they established at Beats to an Apple Music culture that is more focused on appealing to the masses was a particular challenge, the people said. The timing of Mr. Iovine’s move, however, is linked to the Apple shares he received in the Beats acquisition, which will fully vest in August, they said.

Iovine reportedly led the Los Angeles music office and regularly held meetings with Apple Music employees, artists, and entertainment executives. Most of Apple Music's operations were left to senior executives Robert Kondrk and Jeff Robbin. Apple SVP Eddy Cue will now have to decide whether to continue dividing the responsibilities between the two, elevate one to a more public role, or hire another executive with music industry ties.

More details in the full report linked below.

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Jimmy Iovine to Step Back From Apple in August [WSJ]