Jimmy Iovine Finally Denies Rumors Suggesting He Is Leaving Apple
Last week a rumor was making the rounds with sources claiming that Apple's Jimmy Iovine was leaving the company. According to those rumors, Iovine's departure was timed to coincide with his stock options vesting -- a deal that is tipped to be worth $700 million to Iovine and Dr. Dre for their sale of Beats to Apple years back.
Iovine was at the Grammy museum for a screening promoting the HBO documentary "The Defiant Ones" and during the Q&A he was asked about the departure rumors.
Iovine said, "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."
Iovine also stated that he wasn't happy about how the rumors focused on the money aspect of his Apple stock vesting. He said, "Those articles annoyed me, because it had nothing to do with reality. It made it out to be all about money."
"All this stuff you're seeing in the newspapers, let me tell you, my stock vested a long time ago. [...] There is a tiny portion of stock that vests in August, but that's not what I think about. The bottom line is I'm loyal to the guys at Apple. I love Apple, and I really love musicians."
Iovine also talked a bit about what he will be doing with Apple, and as you would expect it focuses heavily on streaming.