Leader of Music Video Site Vevo to Depart at Year’s EndLucas Shaw
Rio Caraeff, chief executive officer of Vevo LLC, the largest music video site in the U.S., will leave at year end.
Caraeff has led Vevo since 2009, the year it started, overseeing a network of YouTube channels from artists including Rihanna, Taylor Swift and Eminem. Chief Financial Officer Alan Price will serve as interim CEO while the board looks for a successor, the company said today in a statement.
Vevo’s owners, including Universal Music Group and Sony Music Entertainment, considered selling the company earlier this year before deciding to hold on. The episode was reminiscent of the aborted auction of Hulu, the video streaming site co-owned by 21st Century Fox Inc., Walt Disney Co. and Comcast Corp.’s NBCUniversal.
“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,” said the co-owners, Vivendi SA’s Universal Music, Sony, Abu Dhabi Media Co. and Google Inc.