New York, New York – January 17, 2002 – Ron Goldstein has been promoted to President and Chief Executive Officer of The Verve Music Group, effective January 1, 2002, it was announced today by Zach Horowitz, President & Chief Operating Officer, Universal Music Group. Mr. Goldstein formerly served as President of The Verve Music Group.

In his new position, Mr. Goldstein will expand his areas of responsibilities to include overseeing all aspects of the label’s operations and will report directly to Mr. Horowitz.

Tommy LiPuma remains Chairman of The Verve Music Group and as one of the industry’s most successful pop and jazz producers, he will now focus all of his creative talents on producing records and A&R activities for the label group.

Mr. Horowitz said in making this announcement, “Ron and Tommy have done a tremendous job in building Verve into the world’s premier jazz and adult music company. As Ron assumes the leadership of the company, we look forward to his taking Verve to even greater heights. We are also fortunate that Tommy’s creativity and producing skills will continue to be a vital part of Verve in the years to come.”

Mr. LiPuma said, “ I can’t think of anyone more deserving to take over the job of running Verve than Ron Goldstein. It was always my plan to have Ron eventually take the helm at Verve. He combines great creativity, marketing skills and business acumen.” He added, “I couldn’t be more excited about continuing to work at Verve and concentrating on what I love –finding great songs and great artists and producing their records.”

Mr. Goldstein said, “It has been one of the special thrills of my life building the pre-eminent jazz and adult music label with Tommy LiPuma. I am privileged that the torch is being passed to me to run the historic Verve label. I look forward to working with Tommy and Verve’s incredibly dedicated and passionate team to deliver the best in jazz and adult music.”

Mr. Goldstein served as President of the Verve Music Group since December 1998, where he was responsible, among other things, for initiating the joint venture with Sony to create and market the landmark Ken Burns’ “Jazz” TV series on CD, conceiving the successful Verve catalog series “Desert Island Discs,” formulating the genre breaking strategy behind the worldwide success of Diana Krall, as well as restarting the eclectic, adult-oriented Blue Thumb label.

Previously he served as President of The GRP Recording Company which included the innovative labels of Impulse! and Blue Thumb since July 1998. Prior to that he served as President/CEO, Private Music where he built the label from a small indie company into one of the top independent, musically eclectic companies in the business. During his 11 years there, Mr. Goldstein oversaw the artistic and commercial growth of Yanni from a popular keyboardist in the new age niche market to a multi-platinum international star, and later expanded the label with Grammy Award-winner Etta James, Taj Mahal, Michelle Shocked, Leo Kottke and the highly regarded “Toots” Thielmans’ Brazil Projects.

Prior to his years at Private Music, Mr. Goldstein served as President of Island Records, North America, contributing to the success of top artists such as U2, Steve Winwood, Marianne Faithfull and Grace Jones. Leading up to this he spent 10 years at Warner Bros, where he served in various executive capacities working with a rich and diverse roster of artists including Prince, Ry Cooder and David Sanborn.

The Verve Music Group, based in New York houses the Verve, GRP, Impulse!, and Blue Thumb record labels. Its unparalleled roster of current and catalogue artists include Louis Armstrong, Count Basie, George Benson, John Coltrane, Ella Fitzgerald, Charlie Haden, Herbie Hancock, Roy Hargrove, Billie Holiday, Al Jarreau, Diana Krall, David Sanborn and John Scofield.

The Verve Music Group is a division of the Universal Music Group, the world’s leading music company with wholly-owned record operations or licensees in 63 countries around the world. Its businesses also include Universal Music Publishing Group, one of the industry’s largest global music publishing operations.

Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Records, Universal South and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and UM3 (outside the U.S.). Universal Music Group also includes eLabs, its division dedicated to strategy, business development, and management of new businesses in the online and advanced technology space.

Universal Music Group is a unit of Vivendi Universal, a global media and communications company.