Warner Executive VP Kevin Liles Steps Down

After five-years of massaging the careers of everyone from Jay-Z, to Diddy, Warner Music Group's Executive VP, Kevin Liles, has resigned.

Liles joined Warner in 2004, a label that is home to T.I.'s Grand Hustle Records, and Bad Boy. Liles story of inner-office promotion is legendary. The soft-spoken, dapper-dressed exec became an intern at Def Jam in 1991--by 1998, he had worked his way to the position of president. During his tenure, revenue at the label reportedly hopped to $400 million.

Liles also served as Executive VP of Island Def Jam, where he helped develop the now widely-used "360-deal," also known as "multiple rights" deals which focus on the indie-partnership model of labels taking in a percentage out of all an artist' unconventional money-making undertakings.

Liles resignation was announced today. He is expected to still work as a consultant for Warner, and is currently in the process of developing a new venture. Details of the venture have not been disclosed.

"Even though Kevin's chosen to pursue a new challenge, we'll continue to work together in many aspects of the entertainment industry," Lyor Cohen, North American Chairman and CEO of Recorded Music for Warner Music Group and friend of Liles since Def Jam, said. "I'm so excited to see what's next for Kev, and he takes with him all my love and respect." --Linda Hobbs