via Business Week
Universal Music Group CEO Doug Morris is quietly making plans to bring in a successor to help run the world’s largest music company , BusinessWeek has been told. Sometime this summer, Universal intends to elevate its international chief Lucian Grainge to take over Morris’s CEO slot for the company whose artists include U2, Elton John and Mariah Carey. Morris, who will be 71 in November, is expected to remain as chairman and has told intimates that he does not intend to retire.
Details are still be worked out, according to those with knowledge of the arrangement, but it is being portrayed internally as a promotion for the 49-year old Grainge, who is highly regarded by executives at Universal’s Vivendi parent company. When they signed Morris to a four-year contract extension last year, Vivendi top executives encouraged their long-time Universal chief to bring in a successor, BusinessWeek has been told. Morris will continue to work on key projects for Universal, but will turn over day-to-day operations. Morris expects to maintain his seat on the Vivendi management board, which includes top executives from the French conglomerate’s business units.
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Business Week - Universal Music CEO Morris To Bring in Successor
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