Rhino Records president Scott Pascucci is leaving the company, according to a statement issued to Billboard. Rhino executive VP/GM Kevin Gore will assume management responsibilities for the company.

Pascucci will remain on board as a consultant to ensure a smooth transition, the statement added.

“Rhino’s long-term strategy remains on course and our commitment to our core principles -- creating the best most informative, innovative, and fun CD, vinyl, and digital music products, and doing everything we can to showcase the amazing artists, music and brands with whom we work -- is unwavering,” the statement said.

In a memo to Rhino employees, obtained by Billboard, Pascucci noted the label’s accomplishments during his tenure, including the label “winning the NARM award” for "Label of the Year," seven out of the last eight years. He also said during that time Rhino had won 17 Grammy Awards, four Emmys and had the label’s first No. 1 album with the soundtrack for “Juno.”