Jimmy Iovine To Leave Apple In August

Jimmy Iovine To Leave Apple In August

On Tuesday, Apple partners Dr. Dre & Jimmy Iovine were spotted hanging out together at the practice of the Golden State Warriors when ESPN reporter Chris Haynes chose to ask Dre if Detox was ever going to come out, to which Dre responded that he's working on new music at the moment. "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".

"But there's still a lot more we'd like to do", said Iovine. "Under IOVINE's leadership, APPLE MUSIC has seen strong growth since its debut, with the service now boasting more than 30 million subscribers". "I have a deal, and certain things happen along that deal", he continued in the Variety story.

"There is a tiny portion of stock that vests in August, but that's not what I think about", Iovine added.

There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.

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Last week, a report surfaced about Jimmy planning an unexpected exit from the Apple empire.

Iovine and Beats co-founder Dr. Dre stand to make up to $700 million once all their respective shares are fully vested, according to an earlier Variety report this month. Hits Daily Double first reported the news.

This is the best news for Apple as its music streaming service has risen to No. 2 behind Spotify. Iovine is nearly 65 years old. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive.

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