Jimmy Iovine Steps Down at Interscope

Universal Music Group announced today that Interscope/Geffen/AM chief John Janick will succeed Jimmy Iovine, who is moving to Apple, which has agreed to buy Beats Electronics and Beats Music for about $3 billion.

Iovine, who started out as recording engineer, later co-founded Santa Monica-based Interscope Records in 1990 and, in 2008, co-founded Beats -- a headphones and mobile speaker company -- with rapper/producer Dr. Dre. In January, Beats started its own music streaming company.

"I'm thrilled to announce John Janick's promotion to chairman and CEO of IGA," said Lucian Grainge, chairman and CEO of Universal Music. "Since coming to UMG nearly two years ago, he has consistently shown why he is widely regarded as one of the most talented, innovative and entrepreneurial executives in the music business today."

The deal for Apple to buy Beats is expected to close by September.

Iovine said Janick, who founded the Fueled By Ramen label at age 18, has what it takes to lead IGA.

"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," he said. "It's always been so important to me to be able to identify and train the right successor, so I'm thrilled to have found John Janick."

Janick, who revived the Elektra label for Warner Music Group and helped launch the careers of Cee Lo Green and Bruno Mars, joined IGA in 2012 as president and chief operating officer.

--City News Service