Less than two months after Lyor Cohen accepted a position at YouTube as Global Head of Music, Todd Moscowitz, a co-founder of the label, is departing from the company to start Cold Heat Records in conjunction with the Universal Music Group.

"At Universal Music, entrepreneurship is in our DNA, so we constantly seek to attract the brightest executives in the business embodying that spirit," UMG chairman and CEO Lucian Grainge said in a statement. "With his impressive track record of identifying and breaking some of the most successful artists in hip-hop, Todd is an excellent addition to our team of creative executives who are committed to bringing the best new talent to fans around the world.”

Moscowitz is a veteran of the music industry, which he got his start in as a manager at Russell Simmons' Rush Management. The executive has held prominent positions at Def Jam Recordings, Violator Management and Asylum Records.

“Lucian, Boyd Muir and the management team at UMG have created an environment that encourages risk-taking and pushing creative boundaries, while giving entrepreneurs the resources and freedom to grow -- and the results speak for themselves," Moscowitz said of his new venture. "I'm thrilled to be a part of the most forward-thinking team in the industry, and I’m looking forward to building Cold Heat Records into a preeminent destination for artists of all genres."

Lyor Cohen is already being phased out as CEO. On Dec. 5, Cohen will be transitioned from day-to-day responsibilities to a role on the leadership team.

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