(AllHipHop News) Now that the Beats Electronics/Apple deal has been official announced, and Beats co-founders Jimmy Iovine and Dr. Dre are taking on roles at the company, Iovine has stepped down from his old job as Interscope Geffen A&M chairman and CEO.
The long time head of Interscope has been replaced by indie label Fueled By Ramen founder John Janick. The 36-year-old executive began working under Iovine at IGA in 2012. There were sources inside the company who claimed that Janick, serving as Interscope's president and chief operating officer, was already effectively running the label before the Beats announcement.
"To have been able to work alongside Jimmy Iovine and contribute to the current success of Interscope Geffen A&M--three of the most storied brands in music—has been an extraordinary privilege," stated Janick. "Now to be appointed Jimmy’s successor and be in a position to carry on his tradition of creative excellence and innovation is a truly humbling honor."
IGA is currently home to some of music's biggest stars including Eminem, Kendrick Lamar, Mary J. Blige, Lady Gaga, and M.I.A.
“John Janick has exactly what it takes to lead Interscope Geffen A&M: 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," added Iovine.