Jimmy Iovine Officially Exits Interscope For Apple. This Is A Big Deal.

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Jimmy Iovine has officially made his exit from Interscope Geffen A&M, following 25 years of being the most successful head of a major label in the business. Iovine - whose replacement is John Janick - will join Apple following the technology giant's acquiring of the Beats headphones and digital streaming company that Iovine set up with Dr Dre.

Jimmy IovineJimmy Iovine Will Take Up A Role at Apple

"Since coming to UMG nearly two years ago, he [Janick] has consistently shown why he is widely regarded as one of the most talented, innovative and entrepreneurial executives in the music business today and will be a key player in the future generation of industry leaders," Lucian Grainge, Universal Music Group chairman and CEO, said in a statement of Iovine's replacement,  "John is the ideal executive to be writing the next chapter in IGA's illustrious history."

More: Jimmy Iovine and Dr Dre look to conquer the music streaming industry

Janick started his own indie label Fueled By Ramen (fun, Fall Out Boy, Paramore) in 1996 and has had the benefit of working directly under Iovine for the past two years. In other words,  he's been groomed to succeed in the position. 

Even before news broke that Apple were in for Beats, UMG were reporting that Janick was effectively already running the label. A month ago, one UMG executive told Billboard: "Jimmy has kind of handed the label over to him and appears ready to do something else. Janick is absolutely running the label 100%."

In his own statement, Janick noted, "To have been able to work alongside Jimmy Iovine and contribute to the current success of Interscope Geffen A&M--three of the most storied brands in music-has been an extraordinary privilege.  Now to be appointed Jimmy's successor and be in a position to carry on his tradition of creative excellence and innovation is a truly humbling honor."

Jimmy IovineJimmy Iovine [L] and Dr Dre [R]


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