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After 25 years as the head of Interscope Records, Jimmy Iovine is stepping down.

The news came shortly after it was announced that Apple did in fact close out a $3 billion deal with the Beats By Dre audio company. Instead, fellow executive John Janick will be taking over as the new chairman/CEO of Interscope Geffen Records.

In a statement, Jimmy Iovine said:

“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.”

As co-founder of Beats, Jimmy will officially join the Apple team once the ink dries on the acquisition deal with Beats By Dre.

SOURCE: Billboard | PHOTO CREDIT: Getty

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