Lovine was working in the Apple Musicstreaming service area of the company. In 2014, Iovine and Dr. Dre sold the headphone maker Beats to Apple for $3 billion.
He reportedly met Steve Jobs and Eddy Cue back in 2003 and was a big supporter of the iTunes service and iPod early on, something that was important for Apple.
While Iovine was instrumental in the launch of Beats-based Apple Music, his importance at Apple has been on the decline.
Under Iovine's leadership, Apple's subscription music-streaming service, Apple Music, moved into video and original programming.
Spotify just announced that it now has 70 million paid subscribers, expanding its lead over Apple Music.
"A music service needs to be more than a bunch of songs and a few playlists", Iovine said in an interview early previous year. The last time that Apple disclosed Apple Music subscribers (September 2017), it had 30 million.
Apple didn't immediately respond to a request for comment.
Iovine is a reputed and respected name in the music industry, boasting an impressive track record. Iovine worked with Bruce Springsteen, John Lennon, U2, Eminem and Tupac during his career in the record business.