Massey Leaving Island Records

• David Massey, President & CEO of Island Records, will step down from the company in June, according to several sources, including Variety, Billboard and HITS.

Sources say Massey actually gave notice to Lucian Grainge, Chairman & CEO of Island parent Universal Music Group, several months ago and did not really leave open the option for a counter-offer. Massey’s contract is said to be up in June. An insider told Varietythat a succession plan is in place at Island, which has a highly capable GM in Eric Wong; further details were not forthcoming.

Although sources say that Massey has secured independent funding for his new operation, Variety says there’s been some speculation about him returning to Sony Music, where he spent some 16 years of his career, and where his daughter Clio is a Sr. Director of A&R at Sony/ATV Music Publishing (although it’s possible the new label could be a joint venture, or simply distributed by Sony). Sources say the two will be working together in some capacity in his new venture, which makes him the third major executive in recent months to start a new label, along with Doug Morris, who recently left his post at Sony to start 12 Tone through Warner Music, and former Epic Records Chairman & CEO L.A. Reid, who started his own company, Hitco, with Big Boi of Outkast his first reported signing.

Massey was named President of Island Records in February 2013 after a six-year run as President of Mercury Records. Massey had also helmed A&R duties for such major Island Records artists as Bon Jovi, the Killers and Fall Out Boy. [file photo]