Universal Music Group executive Rio Caraeff will head Vevo, the UMG-YouTube online music joint venture set to launch later this year, according to AllThingsDigital’s Peter Kafka. Vevo, announced in April, will feature UMG music videos on a new site—Vevo.com—as well as on a new Vevo channel on YouTube. CNET also reported the plans.

Caraeff has spent the last two years as executive vice president of UMG’s eLabs, which is responsible for the label’s new technology strategy. He joined UMG in 2005 to launch its mobile business in the United States.

eLabs has brokered deals with YouTube to share advertising revenue generated by UMG music videos and user-generated clips featuring UMG artists’ tracks on the site. In December, Caraeff touted YouTube’s potential as a big money maker for the record companies. “(YouTube) is not like radio, where it’s just promotional ... It’s a revenue stream, a commercial business,” he said.

According to CNET, Caraeff is expected to be formally appointed Vevo’s president when the operation launches. No date has been given yet for the debut.

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