Jorgen Larsen, Chairman and CEO of Universal Music International, has announced he will retire when his current contract expires on 30 Jun. He will be succeeded by Lucian Grainge, currently the boss of Universal Music UK.
Announcing his departure, Larsen told reporters: "After 34 years in the music business, I have decided to step down from my operational responsibilities when my current contract expires next June. It is with great pride that I turn over the most successful record business in the world to a management team that I have spent years helping to develop."
In his new role, Grainge will take on responsibility for all aspects of Universal Music International, while continuing to run the group's UK business, which he has headed since 2001.
Announcing the changes at the major's international arm, Universal Music Group chairman Doug Morris told reporters: "Jorgen has done a tremendous job over the last decade in guiding our international operations into a leadership position in the music business. He is a gifted executive, who has grown an incredibly talented team of executives and one of the most diverse and dynamic rosters of international talent in the industry. And we are delighted that one of these executives, Lucian Grainge, will now continue to build upon the foundation that he helped Jorgen create. We have all benefited from Jorgen's leadership, spirit and friendship, and are fortunate that he has agreed to continue with us on a consultancy basis after the end of his current contract."