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Former Yahoo exec takes over as Shazam CEO

As it prepares to go public, mobile music discovery app Shazam announced that former Yahoo executive Rich Riley has joined the company as its new chief executive officer.

Riley is taking over for former CEO Andrew Fisher, who, after eight years, is stepping into the newly created position of executive chairman.

The London-based company, which boasts more than 300 million users in more than 200 countries worldwide, fleshed out its executive team with a new hire, the BBC's Daniel Danker, who will serve as chief product officer, and John Pearson, who served as chairman of the board since 2006, and will now become a non-executive director.

"I am extraordinarily excited to be joining the Shazam team," Riley said in a statement, calling the company "a world-class organization." Citing the company's "next phase of growth," the new CEO said he looks forward to "extending our dominance in media engagement, from our roots in music to our leadership position in second-screen TV and [I] want to ensure that Shazam is the company that helps people recognize and engage with the world around them."

One of Fortune's 2011 40 Under 40: Ones to Watch, Riley carries more than 17 years of Internet executive experience, counting his time as executive vice president of Americas for Yahoo, as well as roles as senior vice president for various Yahoo divisions. Riley also served in corporate and business development roles over the years.

In a statement, Fisher said he "will now spend more time focusing on our corporate development and future strategy including our ambitions to deliver a successful IPO for our shareholders as we look to become an increasingly important part of people's everyday lives, helping them engage with content and brands in the most efficient way possible."

Earlier this year, Shazam unveiled a revamped version of its iPad and Android tablet apps.