On the heels of Beats By Dre inking a multi-billion-dollar deal with Apple, Jimmy Iovine has officially resigned from his position as CEO of Interscope Records, Billboard reports.

Iovine, who ran Interscope for a quarter century, will take on an executive gig with Apple. The tech giant purchased Beats, the audio company he founded with Dr. Dre, for $3 billion.

John Janick has been handpicked by Iovine to succeed him at Interscope, which also houses Geffen A&M records under the Universal Music Group umbrella. The label's roster features the likes of Kendrick Lamar,Mary J. Blige, Timbaland, Dre, Robin Thicke, will.i.am and, until recently, 50 Cent.

Janick joined Interscope two years ago after 16 years with Fueled By Ramen, the label he co-founded. According to a source, Iovine gave him control of the label as much as a month ago. "Jimmy has kind of handed the label over to him and appears ready to do something else. Janick is absolutely running the label 100 percent," the insider revealed.

Iovine said in a statement that Janick has "exactly what it takes to lead" the label. "He started his own label," noted Iovine. "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."

Janick shared similar adoration for Iovine stating in part that his time under the label vet has been "an extraordinary privilege."

This is the beginning of the death of record labels...