Jason Iley is to leave Universal Music, as the major announces its plan to consolidate Mercury under a new Virgin EMI Records banner.

Mercury president Iley, who has been at the label for seven years, previously worked at fellow Universal labels Polydor and Island. He left the latter in 2005 to become Mercury MD - famously taking U2 with him.

Breakthrough British successes whilst Iley has been head of Mercury have included Busted, McFly, Chase & Status, Pixie Lott, Jake ...