Lucian Grainge will become co-chief executive of Universal Music Group at the start of July, before assuming the full CEO role in January next year, the label has confirmed. It’s part of the staggered handover from current chairman and CEO Doug Morris, who’ll stay on as chairman next year. “I am very happy with the new organisation as I have been grooming him to succeed me for quite a while now. I know he is ready, willing and able to attack the challenges of the new decade,” says Morris. Meanwhile, Grainge talked up UMG’s future prospects. “I believe the physical product will always exist. But we are now talking about the exploitation of rights and content, different relationships with consumers and artists. We are looking at subscription and at the whole relationship with technology companies.” Source: Financial Times

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