NEW YORK, Feb. 4, 2013 /PRNewswire/ -- Universal Music Group (UMG), the world's leading music company, has signed new long-term agreements with Republic Records founders Monte Lipman and Avery Lipman as they become Chairman & Chief Executive Officer and President & Chief Operating Officer, respectively, of the company they started as an independent label in 1995. The announcement was made today by UMG Chairman & Chief Executive Officer Lucian Grainge, and UMG Chairman & CEO of East Coast Labels Barry Weiss.
"Monte and Avery have established themselves as one of the industry's most formidable creative teams," stated Mr. Grainge. "They are truly world class music executives who have rewritten the rules for breaking new talent. We couldn't be more delighted that they will continue building Republic as a home for truly inventive artists."
"Monte and Avery are two of the most entrepreneurial, effective, street smart, creative leaders in the music industry," commented Mr. Weiss. "Their track record is unparalleled. They constantly think out of the box and their results speak for themselves. This is great for them and for Universal Music Group, and is just the beginning of their next chapter."
"We work every day towards building a culture that supports the artist community and the entrepreneurial spirit that shapes our company," added Monte and Avery. "The unparalleled support of Lucian and Barry for Republic continues to inspire us to be competitive, while serving the needs of our extraordinary artists, venture partners, and dynamic executives."Most recently, Republic Records scored chart-topping releases with Of Monsters and Men, The Weeknd (XO), and Grammy-nominated Florence + the Machine. The label is also responsible for Record of the Year nominee Gotye, and his multi-platinum record "Somebody That I Used to Know" [Featuring Kimbra], in addition to the worldwide phenomenon, "Gangnam Style" by the South Korean rapper, PSY (Schoolboy Records.)