Jimmy Iovine, the Interscope Records co-founder who has run the highly successful label since its inception in 1989, is leaving the company after 25 years, according to Billboard. The announcement came shortly after it was officially confirmed after a three-week wait that Apple was purchasing Beats Electronics, the company Iovine launched with Dr. Dre in 2008, and its streaming service, Beats Music, for a combined $3 billion. Dre and Iovine will take unspecified executive positions at Apple when the deal is completed later this year.

Iovine co-founded Interscope originally as a hip-hop label and became the chairman and CEO of the combined Interscope Geffen A&M label under the Universal umbrella in 1999. Over the years, Interscope has been the home of Eminem's Shady Records, Dr. Dre's Aftermath Entertainment, Diddy's Bad Boy Records and The Neptunes' Star Trak Entertainment, as well as more recent additions like Mike WiLL Made It's EarDrummas imprint and J. Cole's Dreamville Records. Interscope is also the home of Chief Keef, Kendrick Lamar (Aftermath/Interscope), ScHoolboy Q, French Montana (via Bad Boy), Machine Gun Kelly, Rico Love, K Camp, and Slaughterhouse and Yelawolf (both via Shady Records), as well as the former home of 50 Cent and G-Unit. In its post, Billboard referred to Iovine as the most successful head of a major label in the past 25 years.

Iovine will be succeeded by John Janick, who has served as the Chief Operating Officer and President of Interscope since the summer of 2012, as CEO and chairman of Interscope Geffen A&M. Janick cut his teeth as the founder and boss of indie label Fueled By Ramen for 16 years, which catered to an alternative rock-type fan base. A source told Billboard that Janick had been largely running the label for a period of time before the announcement became official.

“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," Janick said in a statement. "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."

Iovine and Dre, along with Eminem, were featured on the cover of XXL earlier this year. Beats Music, the streaming service that seemingly most caught Apple's eye, launched in January.

Previously: Dr. Dre And Jimmy Iovine’s Beats Electronics To Apple Sale Is Confirmed

Apple Is Closing A Deal To Buy Beats Electronics For $3.2 Billion Dollars

Dr. Dre, Eminem And Jimmy Iovine, “Three Kings” (Originally Published April/May 2014)

Dr. Dre & Jimmy Iovine Reportedly Getting Positions At Apple As Part Of Beats Deal