Apple Music chief Jimmy Iovine is stepping down in August

Apple Music will lose one of its biggest stars this year.

Jimmy Iovine, the music industry veteran who produced albums for U2 and Stevie Nicks and cofounded Interscope Records, will step down from his role at Apple in August, the Wall Street Journal reports. 

SEE ALSO: Will Spotify and Apple Music soon be forced to jack up their prices?

Iovine joined Apple in 2014 after the tech giant bought Beats Electronics for $3 billion. He isn't completely leaving the band behind, but he's stepping back from the day to day work and will take on more of a consulting role, according to the report. 

Billboard also reported back in January that Iovine had planned to leave Apple in August. It's conveniently timed to when his Apple shares are fully vested, according to the story. And yet, Iovine denied those rumors of his departure shortly thereafter. Read more...

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