The departure ends Mottola’s 14-year tenure at Sony, though the new label is being created in partnership with Sony. Mottola joined the company back when it was CBS Records in 1987. Sony is letting him out of his contract two years early.

“I have been thinking about taking up this new challenge for about a year, and really made the decision to go forward only recently,” Mottola said. “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.”

There is no name yet for Mottola’s new company, but it will be a partnership with Sony Music.