Jimmy Iovine Steals A Donald Trump Line To Address Apple Exit Rumors: "The Bottom Line Is I'm Loyal.
Music mogul Jimmy Iovine isn't here for the fake news. The senior Apple executive has come forward to address widespread speculation about his summer exit from the tech giant.
According to Iovine, he has no interest or intent on parting ways with Apple when August arrives.
Music mogul 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. "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." (Variety)
Jimmy also expressed his frustrations with reports suggesting a few stacks could make him peace out.
"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 (Executive Director of the Grammy Museum L.A. Live Scott Goldman conducted the interview with Iovine and "Defiant Ones" director Allen Hughes). "There is a tiny portion of stock that vests in August, but that's not what I think about," Iovine added. "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." (Variety)
Last week, a report surfaced about Jimmy planning an unexpected exit from the Apple empire.
The former Interscope CEO joined Apple in 2014 after selling Beats, the the music service and electronics business that he and Dr. Dre co-founded, to the tech giant for $3 billion. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard. Apple declined to comment. Hits Daily Double first reported the news. (Billboard)
Since joining Apple four years ago, Iovine has helped turn Apple Music into a massive empire.
Under Iovine, Apple Music has grown to 30 million paid users, putting its popularity at a little under half of Spotify's 70 million monthly paid subscribers, a milestone the Swedish-based music streaming service announced earlier today. Still, that Apple was able to build its streaming service to that size in such a short period of time, effectively keeping pace with Spotify's growth, is nonetheless impressive. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive. (The Verge)
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