Alan Price is the new CEO of Vevo, the music video platform announced Wednesday morning. Price previously worked as the company’s CFO, and took on the role of interim CEO in addition to his existing duties when the company’s previous chief executive Erik Huggers stepped down at the end of last year.

Universal Music and Sony Music, which both own significant stakes in Vevo, celebrated the appointment with a joint statement Wednesday morning:

“Alan Price is a seasoned music executive and proven leader who has played a key role in Vevo’s growth and development for almost a decade. His deep understanding of Vevo’s mission, and his long track record of success make him the ideal choice to lead the company forward as we continue to support and invest in providing fans with the best premium music video programming.”