SANTA MONICA, Calif., May 28, 2014 /PRNewswire/ -- Universal Music Group (UMG), the world's leading music company, announced today that John Janick, COO and President of Interscope Geffen A&M (IGA), will succeed Jimmy Iovine as Chairman and CEO of IGA later this year. As separately announced today, Iovine, who founded the Interscope label in 1989 and later co-founded Beats Electronics in 2008, will join Apple® when it closes its acquisition of Beats. The transaction is expected to close in Apple's fiscal fourth quarter (which closes in September), subject to regulatory approval.
Lucian Grainge, Chairman and CEO of UMG, said, "I'm thrilled to announce John Janick's promotion to Chairman and CEO of IGA. Since coming to UMG nearly two years ago, he has consistently shown why he is widely regarded as one of the most talented, innovative and entrepreneurial executives in the music business today and will be a key player in the future generation of industry leaders. John is the ideal executive to be writing the next chapter in IGA's illustrious history."
Grainge continued, "What Jimmy has done for IGA and UMG is immeasurable. I cannot express how enormously grateful I am for both his partnership and his friendship. While we will miss him as a member of the UMG family, with his appointment at Apple, Jimmy will now be in a position to expand and extend his singular vision and talent, the result of which will, undoubtedly, accelerate the growth of the entire music industry. We look forward to the next exciting phase of Jimmy's extraordinary career as that special creative spark Jimmy brings to whatever he touches leads to innovations and advances in entertainment and technology that will delight music fans around the world."
Iovine said, "John Janick has exactly what it takes to lead Interscope Geffen A&M: he started his own label, he understands the art of making records and the unique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled. It's always been so important to me to be able to identify and train the right successor, so I'm thrilled to have found John Janick. And during the last few years, as I was preparing John to take the reins, Lucian Grainge was transforming UMG, a transformation that made it possible for me to make this transition knowing that Interscope is in good hands."
Janick said, "To have been able to work alongside Jimmy Iovine and contribute to the current success of Interscope Geffen A&M--three of the most storied brands in music—has been an extraordinary privilege. Now to be appointed Jimmy's successor and be in a position to carry on his tradition of creative excellence and innovation is a truly humbling honor. I want to thank Lucian and Jimmy for their belief in me and for fostering an environment that values artistry and entrepreneurship above all else."
Janick, who joined IGA in October 2012 and took over the day-to-day management responsibilities of the company, has enjoyed a highly successful partnership with Iovine. Recently, IGA realized industry-leading commercial and creative success. From 2012 to 2013, IGA achieved a 1.04% increase in current US album (plus TEA) market share according to Nielsen SoundScan, the greatest increase in current share for any UMG label during the period. The strong results have been driven by a series of new and established artist successes across a wide variety of genres. Among the many achievements were platinum and multi-platinum-selling releases by Eminem, Imagine Dragons, Lady Gaga, Kendrick Lamar, Lana Del Rey, Maroon 5, Phillip Phillips and Robin Thicke.
ABOUT JOHN JANICK
John Janick began his music business career when in 1996 he co-founded Fueled By Ramen in his dorm room while an 18-year-old freshman at the University of Florida. Over the next few years, the small indie label grew even as Janick earned a B.A. in Finance and Business Management and then an M.B.A. at the University of South Florida. In 2003, the label achieved a breakthrough hit with the release of Fall Out Boy's Take This To Your Grave, the band's first gold album. Other successes at the label included the platinum-selling A Fever You Can't Sweat Out by Panic! at the Disco and Paramore's platinum album, Riot! In 2010, Janick signed platinum-selling rock band, fun. The following year Janick was tasked with re-launching the iconic Elektra label for Warner Music Group in addition to continuing his role as head of Fueled By Ramen. During his tenure at Elektra, he oversaw the global success of artists including Bruno Mars and Cee Lo Green, among others. In October 2012 he was appointed COO and President of Interscope Geffen and A&M and led a company-wide restructuring which in turn not only resulted in a string of creative successes but led to the company's achieving one of its most profitable years in a decade.
ABOUT INTERSCOPE GEFFEN A&M
Combining the legacies of three of the most influential record labels in modern music history, Interscope Geffen A&M embarked on a new tradition of musical achievement with its unification on January 1, 1999. Interscope Geffen A&M is a major force in global music, developing chart-topping artists across a wide range of musical genres including rock, rap, pop and alternative. Interscope Geffen A&M is part of Universal Music Group, the world's leading music company.
ABOUT UNIVERSAL MUSIC GROUP
Universal Music Group is the global music leader, with wholly owned operations in 60 territories. Its businesses also include Universal Music Publishing Group, one of the industry's premier music publishing operations worldwide.
Universal Music Group's labels include A&M Records, Angel, Astralwerks, Blue Note Records, Capitol Christian Music Group, Capitol Records, Capitol Records Nashville, Caroline, Decca, Def Jam Recordings, Deutsche Grammophon, Disa, Emarcy, EMI Records Nashville, Fonovisa, Geffen Records, Harvest, Interscope Records, Island Records, Machete Music, Manhattan, MCA Nashville, Mercury Nashville, Mercury Records, Motown Records, Polydor Records, Republic Records, Universal Music Latino, Verve Music Group, Virgin Records, Virgin EMI Records, as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalogue of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG's catalogue is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes Global Digital Business, its new media and technologies division and Bravado, its merchandising company.
Universal Music Group is a fully owned subsidiary of Vivendi.
SOURCE Universal Music Group