After spending the last 14 years of his life with the Sony Music Corporation, Tommy Mottola has stepped down from his post as Chairmen after being released from his contract. Sony released Mottola after reported losses in 2002 in excess of $100 million.

Apparently, Mottola is not through with the music biz just yet, he is planning on starting up his own venture. “I have been thinking about taking up this new challenge for about a year and really made the decision to go forward recently,” Mottola said in a statement.

The new venture will be in partnership with Sony, “I am thrilled that I will continue my long-standing relationship with Sony to create a company that I believe will become a blueprint for the music business in the coming years.”