John Kennedy and the IFPI have announced that he will step down as CEO and chairman next month, after five years in the role.

His replacement has already been confirmed. Frances Moore, EVP and regional director, Europe at IFPI, will step up to the top job.

In a statement, Kennedy said it has been "a fascinating, enjoyable and challenging role over the last few years and I believe we have achieved a great deal but I now intend to return to a more commercial role."

Outlining IFPI's achievements under his leadership, he said that graduated response is now on the agenda for governments as a method to tackle copyright infringement, and he believes IFPI has helped to drive growth of performance rights income for labels.

He also celebrated the global industry's $4.3 billion dollar digital business, and looked ahead to broadcast performance rights in the U.S. as being "hopefully within our grasp," as well as the prospect of a broadcast and public performance right in China and the next few years.

Kennedy was previously president and COO of Universal Music Group International, from 2001 and 2004, and he worked as an entertainment industry lawyer in the '80s and '90s.

He now plans to launch a management/agency business for the entertainment industry.

"I am now going to pursue a plan I had before I was asked to take on this role - I am going to start a business management/agency business representing talent in the world of music, film, sport, TV and theatre," he said. "Artistic talent is of course at the heart of the music industry and I am looking forward to enjoying the commercial environment that this new venture will be operating in."

Lucian Grainge, the outgoing chairman and CEO of Universal Music Group International who becomes co-CEO of UMG on July 1 until taking over in 2011, paid tribute to Kennedy.

"We owe John an enormous amount of respect and gratitude," he said in a statement. "He has been our most determined articulate ambassador and someone who has fought effectively and tenaciously for this industry's issues. He understands how and why we invest in talent and has worked tirelessly to show why that matters."

John Reid, CEO, Warner Music Europe and vice chairman, Warner Music International, added: "Under John's stewardship, IFPI has helped us to navigate one of the most challenging and transformational periods in our industry's history. He has worked extremely hard to reshape attitudes towards the value of music and creativity the world over and to preserve a rich, vibrant and diverse global music scene. We're very grateful to John for his thoughtful leadership and wish him every success in his future endeavours."

Kennedy described Moore as the "perfect successor." She will become CEO from July.

Moore, a barrister by training, has headed IFPI's European Regional Office in Brussels, leading the music industry's representation to the European Union and coordinating strategy with national groups across the EU.

She has worked for more than 20 years in government relations and public affairs, representing European and U.S. companies in the electronics and retail sector before joining IFPI in 1994. She has steered the recording industry's activities in Europe on major policy, trade and legislative issues over the last 15 years.

IFPI company members welcomed the appointment in an IFPI statement.

"At a time of huge opportunities and challenges for our business, I am absolutely delighted that Frances Moore will be leading our industry's international representation at IFPI," said Rolf Schmidt-Holtz, CEO of Sony Music Entertainment. "Her experience, strategic sense and leadership skills make her the obvious choice to take on this vital global role."

Edgar Bronfman Jr., chairman and CEO of Warner Music Group, said: "Frances has proved to be a great asset to our industry in Europe for 15 years so I am extremely pleased that she has accepted the opportunity to become CEO of IFPI. We look forward to working closely with her and her global team on some of our most important priorities."

Max Hole, COO of Universal Music Group International, added: "Frances is the ideal person to become the international head of IFPI. She is a brilliant advocate, strategist and team leader. Anyone who has worked with her also knows the huge respect Frances commands within the music sector, among governments and further afield."

Roger Faxon, group chief executive of EMI, commented: "Her longstanding experience in working with governments on behalf of the music industry make her impressively qualified for the job. We at EMI look forward very much to working with her."