Right as Apple confirmed the official purchase of BeatsByDre, Interscope's Jimmy Iovine announced that he was stepping down from the label. Iovine has served as Chairman and CEO of Interscope for the past 25 years, easily making him the most successful label head in history. John Janick is set to take over Iovine's spot at Interscope, while Jimmy will head over to Apple in the deal.

The report states that even before it was rumored that Jimmy was leaving for Apple, Janick was running the label. Jimmy made the following statement below about his departure and his successor:

“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."

Jimmy will officially join Apple once their acquisition of BeatsByDre closes later this summer.

[via Billboard]

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