Vevo Is Searching for a New CEO
Rio Caraeff, the president and CEO of Vevo, is planning to leave the company at the end of 2014 to pursue other opportunities.
“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,” said Vevo’s ownership group, which includes Universal Music Group, Sony Music Entertainment, Abu Dhabi Media Company, and Google, in a statement.
“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,” added Caraeff.
In a memo to staff, Caraeff said he does not have any immediate plans following his departure. “I will take a moment to clear my head and when the time is right, my passion will guide and I will jump back in,” he said.
Vevo has retained an executive search to find Caraeff’s replacement. In the meantime, Vevo CFO Alan Price will run the company as interim CEO, effective January 1, 2015.Tags: Alan Price, Exec Moves, Movers, music, Rio Caraeff, Vevo