MAX HOLE EXITS

Universal Music Group International Chairman & CEO Max Hole has stepped down from his role, effective immediately. Hole has been a part of the UMGI family for 17 years and has served as chieftain since 2013.

"In January, Max contracted encephalitis, as a result of which he has suffered some memory loss," the company announced. "While he is making progress towards a recovery, a full resumption of his responsibilities is not possible at this time. As Max’s recovery continues, he and the company will discuss projects in which Max will have continuing involvement. Following Max’s departure, the company’s regional heads (for those regions outside the U.S.) will report directly to UMG Chairman and CEO, Lucian Grainge." See Grainge's internal memo about Hole's departure here.

"Max Hole is one of the most talented and accomplished executives to have ever worked in the music business, with an undying passion for music," Grainge added. "He has been one of our industry’s most effective champions, opening new markets and creating opportunities for artists and fans everywhere."

Hole shared, “I have loved working at Universal, the best record company in the world. Lucian is an extraordinary person, both an exceptional creative and business executive for whom I have great affection. We have known each other for a very, very long time and I’m so glad we remain friends. I love so many of my colleagues around the world that there are too many to name, but I’d like to mention my close friends Boyd Muir, Richard Constant, David Joseph, Frank Briegmann, Pascal Nègre, George Ash, Jesus Lopez and Andrew Kronfeld. Finally, there are our incredible artists, some I have been close to and some I have watched and loved from a distance. I wish our artists and Universal a hugely successful future.”