Report: Vevo CEO Rio Caraeff to Leave Company at End of Year

Neilson Barnard/Getty Images for VEVO
VEVO President and CEO Rio Caraeff speaks on stage at the VEVO Digital Content NewFronts Event featuring John Legend at Equitable Center Theater on April 25, 2012 in New York City. 

Vevo president/CEO Rio Caraeff is leaving the company at the end of this year, according to the New York Post. He joined the music video service in 2009.

40 Under 40 2014 Spotlight: Rio Caraeff, President/CEO of Vevo

Vevo, whose biggest backers are Universal Music and Sony Music, are currently searching for a new CEO. Alan Price has been tapped as interim CEO, according to a memo sent on Friday (Nov. 14) 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 different 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.