John Janick, currently co-president of Elektra Records with Mike Caren, will take a "presidential" role at Interscope Records later this year, two sources close to the situation confirmed to Billboard.biz today.
The move, which will see Janick reporting directly to Interscope chief Jimmy Iovine, is not likely to take place until later in the summer, when Janick's Warner contract is up, the sources said. The move was first reported by Hits; an official announcement is expected in the coming weeks.
Janick, currently riding high with fun., founded Fueled by Ramen Records from his University of Florida dorm room in 1996 and saw early success with Jimmy Eat World, Fall Out Boy and Less Than Jake. He was brought in with Caren to run the re-activated Elektra in 2009, starting with Cee Lo Green, Justice and Little Boots. He signed fun. to FBR early in 2010.
Janick, 34, and Caren were named to Fortune magazine's "40 Under 40" list last year.