Iovine joined Apple when it bought Beats in 2014. He helped the company launch Apple Music, which has grown steadily and may overtake Spotify in subscribers this year. Iovine was also behind Apple Music's incorporation of original video like the Carpool Karaoke and Planet of the Apps series.

According to the Wall Street Journal's sources, Iovine plans to spend more time with his family after he steps back from Apple Music, though he'll assist Apple Senior VP Eddy Cue when needed.