Last week, a report claimed that Apple Music executive Jimmy Iovine was planning to leave Apple in August this year. However, Iovine has refuted these reports and made it clear that he is not going anywhere.

The Apple Music executive said that he has been with Apple for four years, with 2.5 years being dedicated to Apple Music which has over 30 million subscribers. However, there is still a lot more that needs to be done and that he is committed to doing whatever Tim Cook, Eddy Cue, and Apple need him to do.

“I am almost 65, have been with Apple for four years and in 2 1/2 years the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued its successful run. But there’s still a lot more we’d like to do. I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do, to help wherever and however I can, to take this all the way. I am in the band.”

Regarding him vesting his Apple stock, Iovine made it clear that he has been vesting his stocks in stages and will vest the last of it in August.

He expressed his displeasure at the “fake news” that was reported last week and made it abundantly clear that he is loyal to Apple. For now, the Apple Music executive wants to continue to help Apple Music and the streaming music industry advance. However, he knows that he will have to slow down the intensity of his work due to his age (65) but for now, that’s not going to happen anytime soon.

Our Take

Interestingly, Iovine has no specific title at Apple but he has played a key role in the launch and growth of Apple Music since 2015. His contract with Apple is up in August, but he says that he has a deal “and certain things happen along that deal.” Given his key role in Apple Music’s growth, even Apple is likely unwilling to let go of Iovine. The Cupertino company has been investing heavily in original content for Apple Music and needs Iovine now more than ever to ensure that its music streaming service is able to rapidly expand its subscription base.