The Universal Music Group, the worlds largest music company, announced Wednesday what had been expected for months: that Lucian Grainge, the head of the companys international division, will become chief executive.
Mr. Grainge, 49, will have almost a year before he takes sole possession of the post. In July, he will move to New York from London to share the job with Doug Morris, the current chief executive. In January, Mr. Grainge will become the only chief.
Mr. Morris, who became chairman and chief executive in 1995, will remain chairman at least through 2013, when his current contract expires.
Mr. Morris said: “The time has come for Lucian to step up to the C.E.O. role. I am very happy with the new organization, as I have been grooming him to succeed me for quite a while now."
Mr. Grainge, 49, will have almost a year before he takes sole possession of the post. In July, he will move to New York from London to share the job with Doug Morris, the current chief executive. In January, Mr. Grainge will become the only chief.
Mr. Morris, who became chairman and chief executive in 1995, will remain chairman at least through 2013, when his current contract expires.
Mr. Morris said: “The time has come for Lucian to step up to the C.E.O. role. I am very happy with the new organization, as I have been grooming him to succeed me for quite a while now."
