Music video streaming service Vevo today announced that Rio Caraeff is stepping down from his role as the CEO — formally confirming news that was reported twice this past weekend, first based on a leak, then based on a leaked memo from Caraeff to staff.

This is a massive change to the company’s leadership: Caraeff has been running Vevo since 2009 — the year it was founded — seeing the music video JV between Universal Music Group, Sony Music Entertainment, Abu Dhabi Media Company and Google through massive growth.

Read the full story: TechCrunch