(Reuters) – Music mogul Jimmy Iovine is said to leave Apple Inc’s music streaming service in August, the Billboard magazine reported on Thursday, citing sources.
Iovine is best known as the co-founder of Interscope Records, a rap music pioneer that branched out to include artists like Lady Gaga and U2.
Iovine’s departure is likely timed to his Apple shares fully vesting, according to the report. (http://bit.ly/2E6gAGX)
The former Interscope CEO joined Apple in 2014 after the iPhone maker bought Beats Electronics, the audio technology firm co-founded by influential hip-hop producer Dr Dre and Iovine, for $3 billion.
Apple declined to comment.
The company told Billboard in September it had 30 million Apple Music subscribers.
(Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta)