NEW YORK (Hypebot) – Top rated music video network Vevo has confirmed Friday's rumors that President and CEO Rio Caraeff will exit at the end of 2014. Vevo is owned by Universal Music Group, Sony Music Entertainment, Abu Dhabi Media Company and Google. The Vevo board of directors has retained an executive search firm to conduct a search for Caraeff’s successor with Chief Financial Officer Alan Price acting as interim CEO effective as of January 1.
Full text of the official statement:
Vevo, the world’s leading all-premium music video and entertainment platform, announced today that President and CEO Rio Caraeff will leave the company at the end of 2014 to pursue other opportunities. The Vevo board of directors has retained an executive search firm to conduct a search for Caraeff’s successor, effective immediately. Vevo’s Chief Financial Officer Alan Price will be acting as interim CEO effective as of January 1st, 2015.
In a joint statement, the Vevo ownership group, which includes Universal Music Group, Sony Music Entertainment, Abu Dhabi Media Company and Google, said, “We thank Rio for his innumerable contributions to the company since its launch in 2009 and we wish him all the best in the future. As CEO, Rio has played a central role in building Vevo into the most visited destination for premium music video and entertainment, and in growing the Vevo brand around the world. As a result, we are both encouraged by Vevo’s current performance and excited about its potential to become a massive platform for music entertainment.”
“I am tremendously proud of the team that we have assembled and what we have accomplished in our never ending mission to thrill and delight everyone on the planet who loves music video. We have built an amazing company, so it is with no small amount of regret that this chapter comes to an end, but after nearly six years, the timing is right for our board to identify my successor,” said Vevo President and CEO Rio Caraeff. “I want to sincerely thank our board of directors for giving me this once in a lifetime opportunity. There remains much growth in front of Vevo and I know in my heart that the company is in great hands with a deep leadership bench and a steadfast team.”
Earlier this year, the Vevo ownership group underscored its commitment to the joint venture by pledging continued support for Vevo and its growth initiatives, citing the company’s strategic importance. Delivering nearly 100 billion streams across its distribution platform annually, Vevo has generated hundreds of millions of dollars in revenue, growing its business at a rate of over 50% year-over-year since 2010. It also has invested more than half a billion dollars in music video programming through royalties paid to rights owners, artists and songwriters. Over the last five years, 365 music videos from more the 125 artists have generated over 100 million views each. In addition, Vevo has built strong relationships with sponsors and brand marketers, working closely with over 1,100 global advertisers representing 50% of the world’s top 100 marketers who spend across Vevo to reach the largest audience of passionate music fans.