Jimmy Iovine, who sold Beats Electronics to Apple Inc. (AAPL) in 2014, is planning to leave the tech giant in August this year, according to media reports, citing sources.
Apple acquired Beats, the headphone maker and music streaming service co-founded by Iovine and Dr. Dre, for $3 billion in May 2014. Iovine and Dr. Dre joined Apple as employees as part of the deal.
The impending departure of Iovine was first reported by industry blog Hits Daily Double.
According to a Bloomberg report, Iovine, aged 64, will part ways with Apple after he receives a final payout from the Beats deal. Hits Daily Double and BillBoard reported that Iovine's departure might be timed to his Apple shares fully vesting.
Iovine, a longtime record-label executive, is also the co-founder of Interscope Records, which became Interscope Geffen A&M after a merger in 1999.
Under Iovine's leadership, Apple's subscription music-streaming service, Apple Music, moved into video and original programming.
Apple Music, has expanded to more than 30 million paying subscribers since its launch June 2015. Meanwhile, music-stream service market leader Spotify has 70 million paying subscribers.
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