“Jimmy Iovine shot down rumors that he plans to exit Apple in August telling Variety that he’s committed to staying on the team and helping the company get music streaming right,” Paula Parisi reports for Variety.
I am almost 65, have been with Apple for four years and in 2 1/2 years the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued its successful run. 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. – Jimmy Iovine
“Iovine, who became an Apple ‘executive’ in 2014 when the company purchased Beats Electronics from him and artist and producer Dr. Dre for a reported $2.6 billion in cash and $400 million in stock, appeared on Monday night at the Grammy Museum for a screening and Q&A to promote the Grammy-nominated HBO documentary ‘The Defiant Ones,'” Parisi reports. “Iovine said that, as is common with stock swaps, his Apple stock has been vesting in stages since he sold Beats, and while he confirmed the last of it will vest in August, he was displeased at the mercenary tone of recent speculation.”
“‘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,” he said, getting a laugh from the sold-out crowd of 200,” Parisi reports. “On Monday, Variety estimated that Iovine and Dre’s Apple shares would pay in the vicinity of $700 million once the stock vests in its entirety.”
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MacDailyNews Take: So, September then?
As Spotify crosses 70 million paid subscribers, distant #2 Apple Music’s Jimmy Iovine reportedly to bow out – January 5, 2018
Apple Music chief Jimmy Iovine may leave the company in August; departure timed to his shares fully vesting – January 4, 2018
Dr. Dre to star in Apple’s first, sex-soaked scripted television series ‘Vital Signs’ – February 12, 2016
Jimmy Iovine brings his own brand of ‘reality distortion field’ to Apple – May 29, 2014
Apple’s Dr. Dre apologizes for past abuse of women, Apple issues statement – August 21, 2015