Apple Music boss Jimmy Iovine is leaving the company in August, after his shares fully vest (AAPL)

Music executive Jimmy Iovine is reportedly leaving Apple in August.Charley Gallay/Getty

• Jimmy Iovine, the head of Apple Music, is reportedly leaving the company in August.
• Iovine joined Apple in 2014 when the tech giant acquired Beats, a headphone company he founded with rapper Dr. Dre.
• His departure will reportedly coincide with the full vesting of his Apple shares.

Music legend Jimmy Iovine, who heads Apple Music, will leave the iPhone maker in August, according to Billboard.

Iovine’s departure from Apple is timed to match the full vesting of his shares in the company, sources told Billboard. It’s not certain whether Apple will replace him.

Apple never disclosed Iovine’s official title, but he worked closely with the team that developed the company’s streaming music service, Apple Music.

Iovine, the former CEO of Interscope Records, joined Apple in 2014 when the tech company acquired Beats Electronics. Iovine founded Beats, best known for its high-quality headphones, in 2008 with the rapper Dr. Dre.

Before Apple bought Beats, Beats launched a streaming music service of its own that eventually formed the basis of Apple Music. Since its June 2015 launch, Apple Music has grown to more than 30 million paying subscribers, according to Billboard.