Vevo President and CEO Rio Caraeff is leaving the company at the end of 2014.
Until a permanent replacement is found, CFO Alan Price will become interim CEO as of Jan. 1, 2015.
Vevo has grown significantly under Caraeff. The website delivers nearly 100 billion streams across its distribution platform annually, growing at a rate of more than 50 percent year-over-year since 2010, the company touted in the announcement release.
Over the last five years, 365 music videos from more the 125 artists have generated over 100 million views each, according to Vevo.
Vevo’s ownership group — which includes Universal Music Group, Sony Music Entertainment, Abu Dhabi Media Company and Google — said in a joint statement: “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,” Caraeff said. “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. 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.”