Industry veteran Tim Prescott has appointed chief executive officer of Sydney-based independent Albert Music. He takes over his newly-created role mid-July, overseeing the company's recording, publishing, studio and overseas operations.

Albert Music was set up 1964 as the label offshoot of the 117-year old publishing company J. Albert & Son. It is the Australian home to AC/DC and The Easybeats, and discovered acts as Rose Tattoo, The Angels, Flash & The Pan and John Paul Young who had chart success through Europe.

Prescott returned last year to his native Australia from New York, where he was chief marketing officer for Sony BMG Music Entertainment.

Prior to that, he held posts as chief marketing officer for BMG Records in New York, head of BMG's regional operations in the Asia Pacific, and managing director of BMG Australia/ New Zealand. He has also held senior marketing and A&R positions with Sony Music and PolyGram in Australia.

Prescott's appointment comes as part of a restructure at Albert Music, which plans to revive its global fortunes. Managing director David Albert has been promoted to CEO of the Albert group of companies, replacing Paul Marx who becomes chairman of its board.

Executive director of music Fifa Riccobono, who joined the firm over 30 years ago, will serve as a consultant, reporting to Prescott.

David Albert, to whom Prescott reports, said in a statement, "Tim's appointment demonstrates the commitment of the company to the continuing growth of its music business. His local and international experience, particularly in artist development and marketing, will be critical as we continue to develop a contemporary business model."