Music executive John Janick has been announced as Jimmy Iovine's successor at record company giant Interscope Geffen A&M.

Iovine is stepping down as chairman and Ceo of the label group to take on a new role at computer company Apple.

The change at the top was revealed shortly after Apple bosses confirmed reports they had acquired Beats, the headphones and digital music streaming company Iovine founded with rap mogul Dr. Dre in 2008 on Wednesday (28May14).

Janick, the founder of successful indie label Fueled By Ramen, has been working under Iovine for the past two years.

Confirming the news, Iovine says, "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."