Universal Music Group president and COO Zach Horowitz will run the publishing company until a new replacement is revealed.

Renzer announced his departure from the company on Tuesday and, in a memo to staff, described his 15 years at the major as the "most fulfilling work experience of my career".

However he gave no reason for his leaving other than he was keen to spend more time in non-profit charity and philanthropic ventures along with "some potentially exciting entrepreneurial options".