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Jimmy Iovine, co-founder of Interscope Records, who’s run the highly successful label since 1989, is departing from the company after 25 years.

According to Billboard, John Janick is the newly christened chairman and CEO of Interscope Geffen A&M.

The news came shortly after it was officially confirmed that Apple was purchasing Beats Electronics (and Beats Music), the company Iovine helped Dr. Dre launch circa 2008. When that $3 billion-transaction closes at the end of the summer, Iovine will join Apple.

Iovine had this to say about his successor:

“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.”

Congrats to Jimmy Iovine. No word yet on what his new position will exactly entail.

Photo: WENN