After 25 years, Jimmy Iovine is vacating his post as CEO of Interscope Geffen A&M. The move comes following news that Iovine and Dr. Dre have officially inked a $3 billion deal with Apple, for their Beats Electronics and Beats Music companies. He will be succeeded by John Janick.
Janick founded the successful indie label, Fueled by Ramen, in 1996, which is home to artists like fun. and Paramore, and he's been working under Iovine's guidance at Interscope for the past two years.
An Interscope insider told Billboard that even before Iovine officially stepped down Janick had already been running the label, with his predecessor's blessing. "Jimmy has kind of handed the label over to him and appears ready to do something else," an executive revealed.
The 36-year-old is reportedly gelling well at the company, with Iovine's full confidence behind him.
“John Janick has exactly what it takes to lead Interscope Geffen A&M," Iovine said in a statement. "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."