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Beats Cofounder Jimmy Iovine Says He’s Not Leaving Apple

January 10, 2018, 7:54 PM UTC

Apple Music executive Jimmy Iovine has no plans to leave the technology giant anytime soon.

The former record producer and cofounder of Interscope Records denied rumors that he was planning to leave Apple in August, according to an interview he gave to Variety that was published on Tuesday.

Iovine’s comments appeared to refute a story in Billboard based on unnamed sources that said he would leave Apple after his stock options in the company vest at the end of summer.

“There is a tiny portion of stock that vests in August, but that’s not what I think about,” Iovine told Variety during a promotion event for the HBO documentary series The Defiant Ones, based on Iovine’s relationship with music producer Dr. Dre. The two music luminaries created audio product company Beats Electronics, which Apple (AAPL) bought in 2014 for roughly $3 billion.

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“My contract is up in August, but the funny thing is, I don’t have a contract,” Iovine said. “I have a deal, and certain things happen along that deal. The bottom line is I’m loyal to the guys at Apple.”

Iovine said he’s committed to Apple CEO Tim Cook and Apple senior vice president Eddy Cue and he’s there toto help wherever and however I can, to take this all the way.”

He said that his “next chapter” would involve growing Apple’s music subscription and streaming service, Apple Music.