Universal Music Group International chairman and chief executive Lucian Grainge has been named as the 2008 recipient of the prestigious annual Music Industry Trusts' Award.

Grainge will receive the award at a charity fund-raising dinner Nov. 3 at London's Grosvenor House, attended by a 1,200-strong audience representing the United Kingdom's music and entertainment sectors.

The award, recognizing services to the U.K. music industry, is now in its 17th year; winners are chosen by an industry committee. Previous honorees include Sir George Martin, Harvey Goldsmith, the late Ahmet Ertegun, Peter Gabriel and John Barry. This will be the first time that the award recipient has been the serving chief executive of a major record company.

Grainge, who celebrates his 30th anniversary in the music industry this year, has had a number of roles within the business, ranging from label A&R to music publishing. He has been closely involved with the careers of U2, Elton John, Amy Winehouse, Mika, Take That, Snow Patrol, Kaiser Chiefs and Scissor Sisters.

In a statement, Grainge said the honor was "one for me to share with the many artists, colleagues and friends who have been at the centre of my professional and personal life for the past 30 years."

David Munns, chairman of the Awards Committee, added: "In an era when the music business is under so much pressure, it is a joy to give this award to someone who is on top of his game. Lucian has been responsible for bringing so many new artists to the fore, and he is proof of the creativity, determination and fidelity to music which are at the heart of our industry."

The award dinner has raised £3 million ($5.84 million) to date for its nominated charities, Nordoff-Robbins Music Therapy and the BRIT Trust (which includes the BRIT school for Performing Arts and Technology).