With the sale of Dr. Dre and Jimmy Iovine’s Beats Electronics to Apple finalized on yesterday, Iovine has announced that he is stepping down as chairman and CEO of Interscope Records, according to Billboard. Apple purchased Beats for a reported $3 billion.

Fueled By Ramen founder John Janick will be replacing Iovine as chairman and CEO of Interscope Geffen A&M. Iovine will become an Apple executive. Janick has worked in the Universal Music Group conglomerate for a little over two years. He founded Fueled By Ramen back in 1996, and went on to launch the careers of acts such as Gym Class Heroes, Fall Out Boy and Paramore.

“John Janick has exactly what it takes to lead Interscope Geffen A&M,” Iovine said in a statement released to Billboard. “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.”

Iovine co-founded Interscope Records with Giorgio Saravia in 1990. While heading Interscope Records, Iovine helped guide the musical careers of numerous major hip-hop acts including 2Pac, Dr. Dre, Snoop Dogg, Eminem and 50 Cent. Interscope also became home to several non-hip-hop acts, such as Maroon 5, Fergie, OneRepublic and Lady Gaga.

In the early 1970s, Iovine worked as a studio engineer and would go on to help produce some of the most acclaimed rock artists of that decade, including Bruce Springsteen, John Lennon and Tom Petty & the Heartbreakers.

Stereo Williams

Todd "Stereo" Williams, entertainment writer based in New York City. He co-founded Thirty 2 Oh 1 Productions, an indie film company.