Update: After rumors swirled that Jimmy Iovine will be leaving Apple Music he made a statement regarding his position, as reported by Variety.

“All this stuff you’re seeing in the newspapers, let me tell you, my stock vested a long time ago. We need Donald Trump here to call it ‘fake news.’ There is a tiny portion of stock that vests in August, but that’s not what I think about. My contract is up in August, but the funny thing is, I don’t have a contract. I have a deal, and certain things happen along that deal. The bottom line is I’m loyal to the guys at Apple. I love Apple, and I really love musicians. That’s why those articles annoyed me, because it had nothing to do with reality. It made it out to be all about money.”

The full update from Iovine can be viewed on Variety.

Original Story: We have news of the first shift in music executives in 2018, even though it won’t officially happen until August. Jimmy Iovine is set to leave his role at Apple Music in August, reported by Billboard. A member of the music titan since 2014 after selling Beats to the company for $3 billion, Iovine will be departing due to fully vesting stock options in the company.

Iovine has been pivotal in developing original content for Apple Music, most recently announcing the service will be making a shift toward original content in 2017. Iovine, along with Dr. Dre, started Beats in 2008, sparking its streaming service Beats Music in 2012, before the merger. Jimmy has had a relationship with Apple dating back to 2003 after meeting Apple founder Steve Jobs. At the time there aren’t any comments from Apple Music on the possible departure.