Tommy Mottola, Chairman and CEO of Sony Music, announced Thursday that he is leaving the company to start his own label.
For the past 14-years, Mottola has helped build the careers of countless artists, including Celine Dion and ex-wife Mariah Carey.
His relationship with the company is not over. While he is starting his own label, it is expected to be formed in partnership with Sony.
“I have been thinking about taking up this new challenge for about a year, and really made the decision to go forward only recently,” he said in a statement.
Sony agreed to release him from the two years he has remaining on his contract.
“With the dramatic shift we have seen in the music industry over the last few years, we need to look for new solutions to create long-term value,” he said. “I believe consolidating the range of entertainment disciplines in one organization today holds the greatest potential for efficiently realizing artistic vision and commercial success.”
His successor is expected to be named in the next few days.