Live Nation’s artist management collective Maverick will see its founder Guy Oseary step down from his role.

Maverick, which was founded by Madonna, Frederick DeMann, and Veronica “Ronnie” Dashev in 1992, was revised as a management group founded by Oseary in partnership with Live Nation in 2014. The company has since joined forces with Big Loud Management in Nashville to become one of the biggest management groups in Nashville.

After years of building Maverick – which now joins together superstar managers like Britney Spears’ Larry Rudolph, The Weeknd’s Sal Slaiby, and Sir Paul McCartney’s Scott Rodger, Oseary has announced he will step down, according to MusicBusinessWorldwide. He agreed to consult Live Nation President and CEO Michael Rapino over the next three years, while continuing to manage Madonna and U2.

“I’m ready for my new chapter and welcome the opportunity to have more time to focus on management of Madonna and U2 while furthering my passion for identifying and incubating revolutionary businesses,” Oseary said in a statement.

Rapino noted that Oseary had built “an incredible team at Maverick and his work with U2 and Madonna is unmatched.”

“Live Nation has always been about putting the artist first and no one knows that better than Guy,” Rapino said. “I look forward to continuing our work together on projects including U2, Madonna and beyond.”

The entertainment giant went on to note that Oseary will now be “concentrating on his entrepreneurial interests, investing in and incubating companies on the cutting edge of technology and entertainment.”

Live Nation is one of the companies that has been hit hardest by the coronavirus pandemic. Earlier this month, Rapino held an investor earnings call and said the company would cut annual costs by $600 million, which includes Rapino forgoing his $3 million base salary for the time being.