Shazam has hired Yahoo! executive Rich Riley as its new CEO, promoting chief Andrew Fisher to the newly-created position of executive chairman.

The company's former chairman of the board, John Pearson, will remain on the board in a non-director capacity.

The move, according to Fisher, will allow the company more freedom to continue growing and focus on creating an eventual IPO, which he will be working on going forward.

Discussing the new hire, Fisher said: "I couldn't be more pleased ...