Merck Mercuriadis resigns as CEO of Hipgnosis Song

Hipgnosis Song Management said on Tuesday that Merck MercuriadisFounder of the groundbreaking music rights company that owns the catalogues of Shakira And red hot chili pepperswill step down from his role as Chairman of the Investment Manager.

The former manager of Star behaves like Beyonce, Guns N’ Roses And Elton-JohnMercuriadis built a number of Hipgnosis businesses – two catalog acquisition funds and an investment manager who worked to generate a return on the song rights held in both catalog funds. His departure will take effect on Monday (July 8) when shareholders of the publicly traded catalog site – Hipgnosis Songs Fund – vote to sell it to the privately traded catalog site owned by the private equity giant Black Stone.

Under Mercuriadis, Hipgnosis was one of the biggest promoters of music rights as a stable, attractive asset class and a key player in the ensuing buying spree for these assets. Mercuriadis’ departure comes after a year in which the Hipgnosis Songs Fund faced a shareholder revolt, an accounting scandal, a bidding war and bitter power struggles between the board of listed company Hipgnosis and the investment manager led by Mercuriadis. In a statement, the music executive said it was the “right time” and an “opportune opportunity for me to make a strategic shift in focus.”

“With Hipgnosis Songs Fund and Hipgnosis Songs Assets, we have created an outstanding catalogue of rights for an unparalleled collection of iconic and culturally significant songs by phenomenal songwriters that I knew I would be proud to stand side by side,” Mercuriadis said in a statement. “HSM was built on an ethos that has always put the songwriting community first, and I stand unwavering in my commitment to all of our songwriters. I have always envisioned bringing together and organizing songwriters worldwide to ensure they have a voice in discussions about their compensation and represent the consensus opinion of their community.”

B addedde KatowskiCEO of Hipgnosis Song Management: “Merck’s vision and passion in founding Hipgnosis, assembling an exceptional portfolio of iconic songs and campaigning for fair pay for songwriters have been instrumental in Hipgnosis’ journey so far. I am grateful for his support and the trust placed in me and the HSM team to build on his passion. We remain committed to bringing the iconic songs entrusted to us to new audiences and ensuring they enjoy the continued success and attention they so richly deserve.”

Mercuriadis had been chairman of Hipgnosis Songs Management since February, when he resigned from his position as CEO, which led the investment manager’s day-to-day operations.