Stepping into the shoes of the legendary Doug Morris was no easy task, but Lucian Grainge was up to the challenge. As the new head of Universal Music Group, Grainge takes the helm of one of the biggest labels in music. Grainge previously became the chairman of the UK division of the Universal Music Group and became chairman of Universal Music Group International in 2005.

But in 2011, Grainge moved into the big chair.

"The time has come for Lucian to step up to the CEO role," said Morris of Grainge's appointment. "I am very happy with the new organization as I have been grooming him to succeed me for quite a while now. I know he is ready, willing and able to attack the challenges of the new decade."

UMG announced this year that its Interscope-Geffen-A&M Records arm will be signing contestants from the popular "American Idol" television competition and UMG also announced that it will be donating 200,000 master recordings to the Library of Congress for preservation. Both moves indicate that Grainge is already looking to steer the label to new ventures and ideas.

"Stepping into Doug’s shoes is an honor and a privilege," said Grainge. "This is a great industry which I believe has as much to look forward to as to be proud of. If we keep getting the basics right of exceptional music and artistry, backed by a great team and sound business sense, then we’ll continue to achieve success."