Grainge To Be UMG CEO

Lucian Grainge is expected to replace Doug Morris as CEO of Universal Music Group on Jan. 1, 2011.

Morris will remain chairman and act as co-CEO for six months. Morris said he has been grooming Grainge as his successor.

Grainge, currently chairman and CEO of London-based Universal Music Group International, has seen UMGI grow its market share since he took over the position in 2005, according to a statement.

He began his career in 1979 when, at age 18, he became a talent scout for April Music/CBS and The Psychedelic Furs is credited as his first signing as a record exec.