Right as Apple confirmed the official purchase of Beats By Dre on Wednesday, Interscope's Jimmy Iovine announced that he would be stepping down from the label. Iovine has served as Chairman and CEO of Interscope for the past 25 years, and will leave his duties behind to 36 year old John Janick (see pic in gallery).

According to Billboard, this comes as no real shock as reports state that even before Jimmy was leaving for Apple, Janick was already completely running the label. Jimmy came out on Wednesday and had the following statement to say about his departure and successor:

“John Janick has exactly what it takes to lead Interscope Geffen A&M: 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." – Jimmy Iovine

Of course, it was only matter time before Janick responded with a statement himself, which read:

“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. 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."

Jimmy will join Apple once their acquisition of Beats By Dre officially closes later this summer.