The news just keeps rocking the recording industry:

Recording Industry Association of America (RIAA) Chairman and CEO Hilary Rosen, announced today that she will leave the organization at the end of 2003. Rosen, who was named CEO in 1998 and has been with RIAA for 17 years has been the recording industry's chief advocate and spokesperson during a time of unprecedented change in the music business.

"This has been the most exciting job I can imagine," Rosen said.

"During my tenure here, the recording industry has undergone dramatic challenges and it is well positioned for future success. I have been extremely proud to be a part of this industry transition.

"But, I have young children and I want to devote more of my time to them. This has been an extremely difficult decision but I know it is the right one for my family.

"Nonetheless, this is a critical time and I have much to do in the coming months. We continue to face unprecedented levels of on-line piracy as well as a changing market in physical piracy here and abroad.

"RIAA has much to do to address these issues as well as help the companies transition the music consumer to the exciting offerings everyone has been working so hard to deliver in the legitimate on-line music business. We must also work with our partners at retail, in the creative and technology industries and with governments worldwide to promote the future growth of the music industry.

"The Board will be conducting a formal search for my replacement over the next several months and we are confident of a smooth transition. I believe that the RIAA staff is simply the best in the business and I am proud of the team we have built.

"Cary Sherman will remain in his current position as RIAA President and the Board and I have asked him to serve on the search committee," concluded Rosen. [RIAA]

UMG Chairman/CEO Doug Morris praised Rosen's legacy: "She has been part of the music industry for almost 20 years. Throughout her tenure, her insights, dedication and passion have benefited everyone that loves music. She'll be greatly missed. We are delighted that Cary Sherman has decided to remain as President of the RIAA and we look forward to working with him in the years to come."

EMI Recorded Music N.A. Chairman/CEO David Munns said: "Hilary Rosen has been a tremendous advocate for the recorded music industry. She has been incredibly effective in raising awareness about the important value and impact that music has on our lives, our culture and our economy. She has also been extremely influential in both transforming the music industry in the digital age and in fighting piracy. I look forward to working with her and accomplishing much in 2003."

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