SIR GRAINGE HAILS BARNETT

UMG ruler Sir Lucian Grainge sent out the following note saluting Capitol Music Group Chairman/CEO Steve Barnett, who has announced his retirement effective 12/31. Grainge's message pays tribute to Barnett's extraordinary career and in particular his achievements in the resurrection of Capitol. You can read Barnett's own letter to the troops here.

Dear Colleagues,

Today Steve Barnett announced that after an incredible five-decade career in music, capped by nothing less than the revitalization of our iconic Capitol Music Group, he has decided to retire at the end of the year.

When Capitol joined our family as part of the EMI acquisition, it was in desperate need of vision, passion and drive. Steve brought all of that and more to the Tower, and today, once again, Capitol stands as a symbol of creative and commercial success in music—a magnet both to great artists and great music business professionals.

Steve, being the extraordinary executive and mentor he is, worked closely with me to put in place a leadership team that will write Capitol’s next exciting chapter: Jeff Vaughn and Michelle Jubelirer. Together with the talented employees at CMG and its labels, they will build upon Steve’s foundation, and assure Capitol’s future success.

I am so grateful to Steve for all he has done for Capitol and UMG. I told him that if he finds himself getting antsy in his retirement, he is always welcome here. But in the meantime, please join me in thanking Steve for all he did at Capitol, and wishing him and Nancy a wonderful retirement and lots of quality time with their family.

Lucian