Capitol Music Group chairman & CEO Steve Barnett will retire at the end of the year.
The industry veteran, pictured with Lewis Capaldi and former Virgin EMI president Ted Cockle, has spent eight years in charge of the US label.
Barnett and Universal Group chairman & CEO Lucian Grainge jointly announced the promotion of Jeff Vaughn and Michelle Jubelirer as Capitol Music Group’s new bosses.
Vaughn, currently president of Capitol Records, will become Capitol Music Group chairman and CEO. Currently COO, Jubelirer has been promoted to become Capitol Music Group’s president and COO.
“This has been an incredible journey, and I’ve been tremendously fortunate to work with such amazing people along the way,” said Barnett. “I am indebted to Lucian for his unwavering belief in me and for his unreserved support for our efforts these entire eight years. To say that I will always be grateful to him is truly an understatement.
“Michelle was the first to join me at CMG and has been my partner in revitalising the company and creating an environment where artists and our employees could thrive. From the moment Jeff joined us, I knew he’d quickly make his mark on Capitol, and I’m certain that he and Michelle are the perfect team to guide CMG into the future. My appreciation extends to Boyd Muir and my many friends at UMG who have been there for me and my team these past eight years. I thank you all.”
Sir Lucian Grainge said: “When we acquired EMI, Capitol was a gem that had lost its lustre. Under Steve’s leadership, Capitol has been rebuilt into one of music’s greatest homes for artist and employee talent. It’s a fitting crown to Steve’s incredible five-decade career. To assure that Capitol’s next chapter is equally successful, we have appointed two gifted executives to lead the company. On behalf of the entire UMG family, I congratulate Jeff and Michelle on their well-deserved promotions and I especially want to thank Steve for making Capitol shine bright once again and wishing him a wonderful retirement with Nancy and the children.”
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