VEVO Officially Announces Departure of CEO Rio Caraeff

Everyone knew Vevo CEO Rio Caraeff was leaving at the end of the year after an exit memo to employees leaked on Friday, but we had not officially heard from the company until Monday.

Tech Crunch reports Vevo does not have a successor in place, but CFO Alan Price will take the CEO job on an interim basis, effective Jan. 1, 2015.

"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," the statement from JV partners read. "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."

TC also notes that product head Michael Cerda left in July. No one knows what Caraeff's specific motive for departure is, but his memo provided some context.

Here's a sample from the lengthy message (via re/code):

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 6 years, I have decided to depart Vevo at the end of this year.
 I care very deeply about the company that along with many of you, I helped to get off the ground. I love her and will miss her but even more so, I will miss you all.
 Our company celebrates its 5th birthday next month and that is as fitting a time as any for a change.
 To thrill and delight music fans around the world has always been our purpose. To bring music video to more people, in more places and in the highest quality possible was always our mission. And we have been through a heck of a lot together.

My mind races thinking about all of the great products we have shipped, the countries we have grown into, and all of the shows and incredible programming that we've produced.

Billboard noted that Vevo has accumulated nearly seven billion views in 14 different countries since its launch in 2009.

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