SRC Records chairman and CEO Steve Rifkind has announced that he is leaving the label and parent Universal on September 1.
The Loud Records founder broke the news over Twitter but reassured followers that he will not be leaving the music industry.
“All great things come to a end. Yes, it’s true, I’m leaving SRC Universal as of 1 Sep. Want to thank all the artists for a great run,” he tweeted.
“I appreciate all the support I will stay in Music just give me a few weeks to spend time with my family thanks”
Despite the specific mention of SRC Universal in his departure tweet, XXL News sources suggest that Rifkind “plans to take SRC Records to another home”.
Rifkind is attributed with the signing of David Banner and Akon as well as helping launch the careers of hip-hop acts such as the Wu-Tang Clan and Three 6 Mafia among others.