Industry giant Tommy Mottola has stepped down from his post as Chairman/CEO of Sony Music Entertainment after 14 years on the job to start a new label. Mottola said he's been pondering the move for about a year and is now ready to take on the challenge. While he may have stepped down as CEO, Mottola's relationship with Sony will continue, as HITS is reporting that negations are already underway for Sony to distribute the as-yet-unnamed new company.
Mottola was quoted as saying, "I am thrilled that I will continue my long-standing relationship with Sony to create a company that I believe will become a blueprint for the music business in the coming years." Sony COO Howard Stringer made the announcement in an internal memo saying, "we respect his decision to return to his musical roots at such a pivotal time in music history."
The Wall Street Journal has reported that Andrew Lack, President/COO of NBC, has been named as Mottola's replacement. There are little details about the appointment, but we will keep you posted.