Vevo CEO Erik Huggers is leaving the company. The company confirmed his exit in a brief online statement, saying CFO Alan Price would take over as interim CEO. Vevo’s board of directors praised Huggers, saying they grew dramatically during his tenure.
Huggers has a very strong background. He spearheaded Intel’s short-lived Internet television efforts OnCue, which was sold to Verizon before it launched.
“We would like to thank Erik for his hard work, dedication and leadership at Vevo, which grew dramatically during his tenure and helped forge stronger connections between artists and fans through popular features and original programming,” Vevo’s board of directors said.
Huggers ranked 73rd on Billboard’s Power 100 list earlier this year, lauded for his leadership that grew Vevo’s viewership to over 20 billion per month. He also successfully struck a licensing deal with Warner Music Group, a long-time holdout, bringing the last major label onto the platform.
Under his guidance, Vevo overhauled its desktop design, updated its playlist and personalization features, and launched new social components for users.
Here’s the full memo departing CEO Erik Huggers sent to staff Friday:
During the last couple of months, I have been doing a lot of soul searching and I have come to the conclusion that it is time for me to step down as Chief Executive Officer as we close out a record breaking year.
While I am a big believer in the growth opportunities of the direction we have discussed at recent Town Hall meetings, I also think that now is the perfect time for someone new to lead this next chapter for Vevo.
I am leaving you in the capable hands of Alan Price as interim CEO. Effective immediately, the shareholders have appointed him to this role while they conduct a search for my permanent replacement. Please support Alan during this time of transition.
When I reflect on nearly three years with Vevo, I cannot help but to feel very proud of the transformation that we have achieved together. Whether you look at financial performance, audience engagement, editorial output, product experience, brand recognition, impact and exposure in the market place, etc. By all those indicators Vevo is a much stronger company today.
Thank you for your trust, passion and incredible work. There is only one fitting way to try to express how I truly feel about the people @vevo and that’s via this Music Video. It has been a real honor to lead this fun and talented team and I wish you every success in the future!!
All the best,