Universal Music Group International Chairman and CEO Max Hole has stepped down effective immediately from his role leading the largest music label in the world.
According to a press release, the UMGI chef has been suffering from encephalitis since January and has been battling the ailment since then, leading to some memory loss. "While he is making progress towards a recovery, a full resumption of his responsibilities is not possible at this time."
Hole will be replaced by current U.S. head of operations at UMGI, Lucien Grainge. All of the company's regional heads outside of the U.S. will report directly to Grainge.
"I have loved working at Universal, the best record company in the world. Lucian is an extraordinary person, both an exceptional creative and business executive for whom I have great affection. We have known each other for a very, very long time and I'm so glad we remain friends,' said Hole.
Max Hole joined UMGI as a Senior VP of marketing and A&R in 1998. He worked his way up to Executive VP, taking on roles in digital, marketing and commercial affairs around the world, notably in Asia. He was promoted to COO of UMGI in 2010 and then Chairman and CEO in 2013.
Grainge, his immediate successor, said about him. "Max Hole is one of the most talented and accomplished executives to have ever worked in the music business, with an undying passion for music. He has been one of our industry's most effective champions, opening new markets and creating opportunities for artists and fans everywhere. Max's contributions to Universal will be forever a part of the fabric of this company and our industry, and he leaves with our deepest gratitude and respect."
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