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Vevo, whose biggest backers are Universal Music and Sony Music, is currently searching for a new CEO. Alan Price has been tapped as interim CEO, according to a memo sent on Friday by Caraeff, Re/code reports.
An official announcement about Caraeff’s departure is expected to arrive on Monday. Billboard has reached out to Vevo representatives for additional details.
Caraeff, who appeared on Billboard‘s 40 Under 40 list in September, said Vevo “has enjoyed exponential growth over the last 12 months.” Reports surfaced in August that the music video service was on the block and estimated to be worth $700 million to $1 billion.
Since its launch in 2009, Vevo has accumulated nearly 7 billion views and has a reach in 14 countries. Vevo will end 2014 with its first-ever live event surrounding its Certified program, which honors videos that surpass 100 million views.
Caraeff reportedly wrote in his memo to staff that he wasn’t clear yet what his next career move would be. “I do not yet know, but I will take a moment to clear my head, and when the time is right, my passion will guide and I will jump back in,” he wrote.
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