Universal Music Group CEO Doug Morris is reportedly planning on stepping down from his position in the summer of 2010, reports BusinessWeek. UMG Is expected to promote its Chairman/CEO of Universal Music International Lucian Grainge to CEO of the label next year. Morris, who turns 71 this month, is not expected to retire and will likely retain his title of Chairman of UMG.

According to BusinessWeek's sources, the specifics of the changeover are still being worked out, "but it is being portrayed internally as a promotion for Grainge, who is highly regarded by executives at Universal’s Vivendi parent company."

Morris inked a four-year contract extension with UMG last year and will continue to work on key projects, but day-to-day operations will go to Grainge. Morris will also likely remain on the Vivendi management board.