Vevo CEO Rio Caraeff To Exit

Rio Caraeff

VEVO CEO RIO CARAEFF announced in a memo to staffers on FRIDAY (11/14), that he would exit the music video service at the end of the year. He had been running VEVO since 2009. Reports have CFO ALAN PRICE stepping in to run the company.

RECODE.NET reports, "In his memo to his employees, CARAEFF says he doesn’t have immediate plans to find a new job. 'I will take a moment to clear my head,' and continues, "CARAEFF’s departure won’t be a surprise to the music industry. His contract expired at the end of this year, and earlier this year he moved from NEW YORK CITY to his native LOS ANGELES."

CARAEFF wrotes, "Team, Due to an ill-timed leak which has led to a pending story in the press, I have decided to send this letter out to the company in advance of my planned announcement on MONDAY so that you hear about it first from me directly.  There are times in life when there is no other way to say it other than to just come out with it. So here goes... After nearly six years, I have decided to depart VEVO at the end of this year."

Read the full memo here.

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