Jimmy Iovine's time at Apple may soon be up. Sources familiar with the matter tell Billboard that the former Interscope CEO is planning to exit Cupertino in August, a departure that is likely timed to his Apple shares fully vesting.

The music industry icon joined Apple in mid-2014 after the tech titan purchased Beats Electronics for $3 billion. Beats was co-founded in 2006 by Iovine and music producer / rapper Dr. Dre whose real name is Andre Romelle Young.

As Billboard highlights, Iovine's ties to Cupertino date back to 2003 when he first met Apple co-founder Steve Jobs and executive Eddy Cue. Iovine was a key proponent of Apple's iTunes and the iPod, two products that drastically altered the music industry's direction in the 2000s.

When Iovine joined Apple, it was reported that he would work under Cue who ran the company's Internet services division. Curiously enough, Iovine was never given a specific title during his time with Apple although it is largely assumed that he is in charge of Apple Music.

Under Iovine's watch, Apple Music has become one of the most popular streaming music services on the planet. As of September 2017, the service had over 30 million paying subscribers (Apple Music doesn't offer a free tier) - about half as many paid members as rival Spotify.

Apple declined to comment on the matter when contacted by Billboard.

Thumbnail courtesy Jason LaVeris, FilmMagic