Jimmy Iovine, Head of Apple Music, is stepping down from his position this August, says Billboard.
The former Interscope CEO joined Apple in 2014, after he and his cofounder, Dr Dre sold Beats to the tech giant for $3 billion. His departure is said to coincide with when his shares are fully vested, according to sources.
Iovine expertise was well valued at Apple as the streaming service gained over 30 million paying users since its 2015 launch.
It is unknown how much the Beats cofounder stands to make or what his plans for the future are, but rest assured we will keep you updated.