Music video platform Vevo has announced that its president/CEO Erik Huggers is leaving to pursue new opportunities. CFO Alan Price will take over as interim CEO.

Huggers has been at Vevo since 2015. The business is owned by Sony Music, Universal Music, Google (Alphabet) and Abu Dhabi Media.

“We would like to thank Erik for his hard work, dedication and leadership at Vevo, which grew dramatically during his tenure and helped forge stronger connections between artists and fans through popular features and original programming,” Vevo said in a statement.

Trade magazine Variety published the memo Huggers sent to staff on his departure, saying: “During the last couple of months, I have been doing a lot of soul searching and I have come to the conclusion that it is time for me to step down as CEO as we close out a record breaking year. While I am a big believer in the growth opportunities of the direction we have discussed at recent Town Hall meetings, I also think that now is the perfect time for someone new to lead this next chapter for Vevo.”

Huggers worked at the BBC (from 2007 until 2011) where he was director of the BBC’s Future Media & Technology division. He joined Intel’s OnCue media business (as VP/GM) and that was bought by Verizon in January 2014.

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