In wake of the Apple-Beats Electronic acquisition worth $3 billion, Jimmy Iovine has stepped down as the CEO of Interscope Geffen A&M Records.
John Janick has been named chairman and CEO of Interscope Geffen A&M, succeeding Jimmy Iovine, the most successful head of a major label for the last 25 years.
The announcement was made to coincide with the finally confirmed news that Apple will indeed acquire Beats, the headphones and digital music streaming company Iovine founded with Dr. Dre in 2008. When that transaction closes after the summer, Iovine will join Apple.
Iovine has been apart of the music business since the early 1970s where he worked as a recording engineer for artists such as John Lennon and Bruce Springsteen. In 1989, Iovine, along with co-founder Giorgio Saravia founded Interscope Records. Interscope would eventually merge with Geffen Records and A&M Records in 1999.
Months prior to today’s to initial announcement, Iovine had spoke highly of his soon-to-be successor in John Janick.
“John Janick has exactly what it takes to lead Interscope Geffen A&M: he started his own label, he understands the art of making records and the unique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled.”
With the acquisition of Beats from Apple, Iovine is set to join Apple as apart of the agreement.
Interscope has been home to recording artists Tupac Shakur, The Black Eyed Peas, Eminem, Dr. Dre, Kendrick Lamar, Elton John, and many others.