Rio Caraeff, the first CEO of Vevo, will be leaving the music video streaming service by the end of the year.
Caraeff told his colleagues his decision in a memo, which was obtained by Re/Code. CFO Alan Price will step in as interim chief executive while the company looks for a new CEO.
Vevo has been in business since 2009 and is controlled by Sony Music and Universal Music Group. The New York Post notes that Abu Dhabi Media Group and Goold also have stakes in the company. Caraeff's departure was first reported by the Post.
The company hasn’t generated a profit yet, but it is a major player in the music video business. Its content earns 8 billion views a month, mostly on YouTube. Still, it is looking for a new direction, the Post reports. The company recently hired Stacy Moscatelli, a former Turner executive, as the vice president of marketing.
Vivo drew 42.1 million unique visitors in September, but is still the seventh-largest online destination. In February, it celebrated its first video with 1 billion views, Justin Bieber’s “Baby.”
Billboard notes that Vievo does plan on streaming its first ever live event later this year, which will celebrate videos that have passed the 100 million-view mark.
"What is next for me? I do not yet know but I will take a moment to clear my head and when the time is right, my passion will guide and I will jump back in," Caraeff wrote in his memo.