Jann Wenner Stepping Down as Chairman of Rock and Roll Hall of Fame Foundation

jann wenner
Theo Wargo/WireImage for Rock and Roll Hall of Fame

Jann Wenner speaks onstage onstage at the 32nd Annual Rock & Roll Hall Of Fame Induction Ceremony at Barclays Center on April 7, 2017 in New York City.

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.

Taking over as chairman in the new year will be John Sykes, president of entertainment enterprises for iHeartMedia and a co-founder of MTV. "Jann Wenner is a cultural legend," Sykes said. "It’s an honor to serve the foundation in this new capacity, and to build on Jann’s legacy."

Wenner, 73, will remain on the board of directors.

Wenner produced the hall’s 25th anniversary concert at Madison Square Garden in 2009. The concert was headlined by U2, Bruce Springsteen, Mick Jagger, Stevie Wonder and Sting.