Vevo CEO Caraeff To Step Down; CFO Price To Lead in Interim

Rio Caraeff

Vevo CEO Rio Caraeff will step down at the end of 2014, according to the New York Times. Caraeff has been at the helm of the music video service since its inception in 2009.

The company is seeking a permanent successor to Caraeff, while CFO Alan Price will run the company in the interim, effective Jan. 1, 2015.

“I am tremendously proud of the team that we have assembled and what we have accomplished in our never ending mission to thrill and delight everyone on the planet who loves music video. We have built an amazing company, so it is with no small amount of regret that this chapter comes to an end, but after nearly six years, the timing is right for our board to identify my successor,” Caraeff said via an email to Vevo employees.

As for Caraeff, he will take time off before pursuing new opportunities. “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,” he said.

Though Vevo has yet to turn a profit, though the company states it has generated “hundreds of millions of dollars in revenue, growing its business at a rate of over 50% year-over-year since 2010.”

The company’s profits are made through advertising, and Vevo works with 1,100 global advertisers. Vevo claims that it has invested more than $500 million into video programming it has collected by royalties paid to owners, songwriters, and artists.