iHeartMedia executive John Sykes will take over the role in the new year.
Jann Wenner will retire next year as chairman of the Rock and Roll Hall of Fame Foundation in New York.
Wenner announced Wednesday that he will step down on Jan. 1. The co-founder and publisher of Rolling Stone magazine is one of the founding members of the Rock and Roll Hall of Fame and is credited with recruiting the late architect I.M. Pei to create its Cleveland museum.
The annual induction ceremony is a major concert event that is broadcast by HBO.