Jimmy Iovine Denies Rumors He's Leaving Apple

"I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do."

jimmy iovine getty january 8

Image via Getty/Rebecca Sapp

jimmy iovine getty january 8

Jimmy Iovine says he isn't ready to leave Apple quite yet. Responding to last week's report from Billboard that he's planning to leave the company in August, Iovine shared a statement with Variety Tuesday afternoon. The former Interscope CEO explained that he's committed to doing whatever Apple needs him to accomplish.

"I am almost 65, have been with Apple for four years, and in two and a half years, the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued its successful run," he said. "But there’s still a lot more we’d like to do. 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. I am in the band."

During an interview with the Grammy Museum and Foundation executive director Scott Goldman on Tuesday, he added, "All this stuff you’re seeing in the newspapers, let me tell you, my stock vested a long time ago. We need Donald Trump here to call it ‘fake news.’"

The specific details of Iovine's deal with Apple have not been made public, but he's been with the company in an executive role since selling Beats to the tech powerhouse for $3 billion in 2014.

Billboard's original report was largely based on the fact that Iovine's shares with Apple will be vesting in August. Iovine responded to these rumors as well, pointing out, "There is a tiny portion of stock that vests in August, but that’s not what I think about. My contract is up in August, but the funny thing is, I don’t have a contract. I have a deal, and certain things happen along that deal. The bottom line is I’m loyal to the guys at Apple. I love Apple, and I really love musicians. That’s why those articles annoyed me, because it had nothing to do with reality. It made it out to be all about money."

In his mid-60s, Iovine admits that his long career in the music industry is nearing a finish—but he still has work to do. He explained, "I don’t see myself at 75-years-old running around doing music. Eventually I’ll be slowing down. But right now, I’m committed to getting streaming right." Iovine added, "The next chapter, whatever intensity I’m working, will be to help streaming come to scale."

This echoes the sentiments he shared at the end of his Blueprint interview with Complex this summer. At the time, Iovine looked at his future and said, "I promised [Apple executives] Tim Cook and Eddie Cue that I would do everything I could to make Apple Music successful. And I'm going to do that. But at some point... I'm not young anymore. I'm 64 years old. You know, I'll see what happens."

You can watch Iovine's full Blueprint episode below.

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