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Jimmy Iovine reportedly leaving Apple in August

The music mogul will likely part ways with the tech giant after his shares fully vest, Hits Daily Double reports.

Jimmy Iovine (right) might not be working for Apple CEO Tim Cook much longer.

Jimmy Iovine (right) might not be working for Apple CEO Tim Cook much longer.

Michael Kovac/Getty Images

Jimmy Iovine's tenure at Apple may come to an end this summer.

The music mogul, who joined Apple as part of its acquisition of Beats Electronics, could be leaving the company in August, according to a Hits Daily Double report Thursday. Iovine's expected departure is likely timed to his Apple shares fully vesting, the report said.

The 64-year-old Iovine, a co-founder of Beats and Universal Music Group's Interscope Records, joined Apple in 2014 when the tech giant shelled out $3 billion to buy Beats, the maker of high-end headphones. Though Iovine doesn't have an official title with the company, his ties to Apple go back to 2003, when he pitched a music subscription service to Steve Jobs.

He has strong ties to the music industry. Iovine worked as a recording engineer with legends like John Lennon and Bruce Springsteen and as a producer for big acts like Tom Petty & The Heartbreakers, Patti Smith, and U2. He founded Interscope Records in 1990, which eventually became part of Vivendi's Universal Music Group, one of the remaining big three music labels. His label hosted such stars as Dr. Dre, Eminem, the Black Eyed Peas and Lady Gaga.

Apple didn't immediately respond to a request for comment.

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