UPDATE 1-Vivendi’s Universal promotes Grainge to group CEO

* Grainge to take over as group CEO

* Doug Morris to remain chairman

(Adds details, quote)

LONDON, Feb 10 (BestGrowthStock) – Lucian Grainge is to become the
chief executive of Vivendi’s (VIV.PA: ) Universal Music Group
after he successfully led the drive within the international
business to grow digital sales and new technology partners.

Grainge, who has been chairman and chief executive of
Universal’s International division which operates in more than
50 countries outside of north America, will take over the top
job at the start of 2011.

He will succeed Doug Morris, who will remain as chairman,
and move to New York to work alongside Morris from July.

“His track record speaks for itself,” Vivendi Chief
Executive Jean-Bernard Levy said in a statement. “Finding stars,
growing revenues and building new business models. He has the
right combination of experience and innovation to take UMG
forward as the migration into the digital era accelerates.”

During his time at International, Grainge has pushed to
increase digital sales and taken the company into more buoyant
sectors such as merchandise, live event production and artist
management.

He has also led the unit at a time when it has signed a host
of new technology partners to sell music, such as mobile phone
groups Vodafone (VOD.L: ) and Nokia (NOK1V.HE: ), and pay-TV firms
Virgin Media (VMED.O: )(VMED.L: ) and BSkyB (BSY.L: ).

Grainge joined Universal Music in 1986 and has since worked
with artists including U2, Elton John and Amy Winehouse.

Money

(Reporting by Kate Holton)

UPDATE 1-Vivendi’s Universal promotes Grainge to group CEO