Rio Caraeff, executive VP of UMG's eLabs, will be named president of music video service Vevo when it launches later this year, according to sources. In the meantime, Caraeff will continue as head of UMG's digital division, which is responsible for digital business strategy, business development and new technology opportunities.

The Vevo service is being designed as a central repository for video content. UMG and any other labels participating in Vevo will post their videos to the site and sell advertising around them. Other sites can stream those same videos - like Hulu, YouTube, or Yahoo - by striking a syndication agreement with Vevo.