Live Nation U.K. Music managing director Stuart Galbraith has been dismissed from the live music powerhouse due to "breach of contract."

The executive has been ousted from the company's central London premises with immediate effect. Sources say the executive was in talks to jump ship to rival AEG Live.

Live Nation U.K. president Live Nation Paul Latham will continue to run the British company.

A Live Nation spokesperson declined to comment on the development.

Galbraith served as VP of promotions/director of festivals in the United Kingdom for Clear Channel Entertainment, prior to the company's December 2005 spin-off from parent Clear Channel Communications and subsequent name-change to Live Nation.

During his tenure, Galbraith played a central role in the creation of Britain's Download and 02 Wireless festivals, among others, and was in charge of production at the July 2005 Live 8 concert in London's Hyde Park.

He joined the company in 1999 following Live Nation's purchase of SFX.