Capitol Records CEO Steve Barnett To Retire

Capitol Music Group chairman and CEO Steve Barnett is retiring after nearly 50 years in the business. 

The L-A Times reports the executive, whose 24-karat ears helped propel the careers of artists including Beyoncé, Adele, Katy Perry, AC/DC, One Direction and Lil Baby, among dozens of others, made the announcement Thursday morning.

In conjunction, the Capitol Music Group announced that current Capitol Records President Jeff Vaughn and CMG COO Michelle Jubelirer will be promoted to oversee the company.

In a letter to the Capitol staff, Barnett, 68, called the move “a long-planned decision,” one that he made in conjunction with his wife and children “through many hours of discussion and soul-searching.”

Steve Barnett

“While I’ve been fortunate to lead several companies along the way,” he added, “my most rewarding experience, by far, has been my time leading the team here at Capitol Music Group.” Barnett thanked his boss, Universal Music Group CEO Lucian Grainge, among many others, for the experience. Barnett’s last day will be Dec. 31.

Barnett took over at Capitol in 2012 as streaming platforms including Spotify, Apple Music and Amazon were beginning to revive the music industry, which for a decade had been crippled by the widespread downloading of “pirated” MP3s. In 2019 the domestic recorded music business generated $11.1 billion in revenue, up 13% from the year before, according to the Recording Assn. of America. That revenue was $4.1 billion more than the industry earned in 2010.

Such growth is one reason why French conglomerate Vivendi, Universal’s parent company, recently announced its intention to take the Universal Music Group public in 2022. The move comes a half-year after competitor Warner Music Group’s own IPO put the company’s value at an estimated $12 billion.