The move was telegraphed last year and now the timing is set: Lucian Grainge, chairman and CEO of Universal Music Group International, will move from London to New York to become co-CEO with Doug Morris July 1. That’s supposed to last for six months, with Grainge reporting to Vivendi (EPA: VIV) Chairman Jean-Bernard Levy and joining the Vivendi Management Board. On Jan. 1, 2011, he’ll become sole CEO with Morris remaining as chairman of UMG. Music vet Morris, who has held the top jobs at UMG since 1995, has a contract that runs through 2013. Release.

SEE ALSO: Universal Music’s Grainge To Succeed Morris As CEO

Grainge told the New York Times he thinks the CD will outlast him but offered optimism about the digital frontier. Why? Citing a deal with Vodafone (NYSE: VOD) for subscription music, Grainge said, “There was never a retailer that had a quarter billion people walking through the door. That’s where the optimism comes from.”