Jon Turner has been appointed managing director of the Island Records Group in London by the label's new sole president Darcus Beese.
Music Week has been told that the promotion of Turner - who has held the position of general manager at the label since 2007 - is effective immediately. He will report into Beese.
The news comes after Beese was given sole charge of Island as president earlier this month.
He was previously co-president at the label with Ted Cockle, who has left to take another big job within Universal - president of Virgin Records UK.
Turner entered the music business in 1995 as a marketing assistant at Virgin Records, before rising to the position of product manager. Head-hunted by Island in 1999, he enjoyed success working with artists such as Keane, Amy Winehouse, U2, DJ Shadow, The Charlatans, the Sugababes and Nelly.
After being named general manager of Island in 2007, the label has scored critical acclaim and commercial success with the likes of PJ Harvey, Jack Johnson, The Fratellis, Ben Howard, Rizzle Kicks, Ladyhawke, Damian Marley, Annie Lennox, Robbie Williams and Mumford & Sons.
Turner was also the driving force behind the successful Island 50 celebrations in 2009, which featured a week-long festival of live shows at Shepherd's Bush Empire featuring Island acts old and new, the publication of a book documenting the label's illustrious heritage, and a travelling exhibition of photos, artwork and memorabilia.
Speaking about his new role Turner said: "I have been extremely lucky to work with some great people during my time at Island, and truly relish this next phase of my career working with Darcus and the team at an incredibly exciting time in the label's history."
Darcus Beese added: "Jon has been a vital player in the amazing success we have achieved at Island in the last few years and he truly understands what Island Records is all about as we saw with the incredible job he did during the Island 50 celebrations. With Mumford & Sons arguably the biggest band in the world right now, and loads of exciting new music ahead of us, I can think of no-one better qualified to help drive Island to even greater heights."