Feb. 10 (Bloomberg) -- Universal Music Group said Lucian Grainge will take over as its new chief executive officer from Jan. 1, replacing Doug Morris, who’s led the world’s largest music company since 1995.
Grainge, the 49-year-old head of its international music operations, said the position is a “dream job,” which includes his relocation to New York to become co-CEO with Morris as of July 1, and sole chief from Jan. 1. Universal’s owner, Paris- based Vivendi SA, said in an e-mailed statement that Grainge will report to the French company’s CEO, Jean-Bernard Levy, and become a member of its board.
Universal Music, whose artists include U2, Lady Gaga and Eminem, saw revenue decline 5.2 percent in the nine months ended September amid music-industry piracy and a drop in the number of CDs sold. Grainge said today he will continue to push the company’s expansion into digital services and didn’t favor ad- supported online music services over paid-for subscription ones.
“I am a great believer in Universal Music being the hostess with the mostest,” he said in a phone interview. “I continue to see new business-to-business relationships. There is no one silver bullet, no one shot.”
Grainge said Morris will remain chairman at Universal Music once he takes over.
“The time has come for Lucian to step up to the CEO role,” Morris said in the statement. “I am very happy with the new organization as I have been grooming him to succeed me for quite a while now.”
Eurythmics, Abba
Grainge has served at Universal’s international chief, in charge of more than 50 countries outside the U.S., since 2005. He headed the company’s digital strategy abroad as well as investments in merchandise, live events and artist services. A 30-year industry veteran, he has worked with the Pet Shop Boys, Eurythmics, Elton John, Snow Patrol and Abba.
As music increasingly goes digital, Grainge has sought to capitalize on the trend by partnering with Virgin Media Inc., Vodafone Group Plc and Nokia Oyj to offer various unlimited music services.
Morris, 71, once ran Atlantic Records and Warner Music when it was part of Time Warner Inc. He began as a songwriter and penned the song “Sweet Talking Guy” and produced “Smokin’ In the Boys’ Room” by Brownsville Station.
He most recently led an industry effort to make more money from online advertising by starting the Vevo music and video Web site, partnering with Sony Corp., EMI Group Ltd. and Google Inc.’s YouTube.
“After starting out as a songwriter in 1965, Doug has overseen 35 years in the business and taken it from vinyl to Vevo,” Levy said in today’s statement.
During his career, Morris acquired Polygram and helped popularize hip-hop music through the company’s Interscope Records label, home to artists such as Dr. Dre.
To contact the reporter on this story: Kristen Schweizer at kschweizer1@bloomberg.net
Last Updated: February 10, 2010 07:54 EST
http://www.bloomberg.com/apps/news?pid= ... RcIjQQdlIw
mybe hell push em 2 put out R2 faster
