Doug Morris is set to step down as chairman of Sony Music Entertainment in March. The veteran music industry executive has reportedly secured funding to launch a new label, according to Variety.

Rob Stringer took over the CEO role at Sony last April from Morris, who remained as non-executive chairman. Over the course of his long career, Morris has been in the top job at all three majors.

Morris, who is 79, took on the Sony role in early 2011 and returned stability to the major in the wake of its buyout of BMG. In recent years, the company has enjoyed huge success with Adele (on Columbia in the US, then headed by Stringer), as well as Beyonce and David Bowie.

Other reports stated that the new label is called 12 Tone and that it will be headed up by former Def Jam CEO Steve Bartels, who stepped down last year to be replaced by Paul Rosenberg.

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