Jann Wenner, the co-founder and publisher of Rolling Stone Magazine, and current chairman of the Rock and Roll Hall of Fame Foundation in New York will be retiring from his position as chairman next year. In an announcement published today, Wenner stated that he will step down on January 1st 2020.

Wenner is one of the founding members of the Rock and Roll Hall of Fame and is credited with recruiting the late architect I.M. Pei to create its Cleveland museum. Wenner will be replaced by rock hall board member John Sykes, the co-founder MTV and VH1.

The annual induction of musical artists into the hall of fame occurs every year, and is accompanied by annual induction ceremony that hosts a major concert event broadcasted by HBO.Last year The Cure, Radiohead and Stevie Nicks were inducted into the Rock and Roll Hall of Fame as the class of 2019.

Artists are chosen by the Rock and Roll Hall of Fame Foundation as nominees for induction, and they are later chosen by those same group of members to be inducted into the museum. Other musical artists induct a performer or band into the Hall of Fame, by giving a speech in support of the inductee at the official ceremony, which is typically held at the end of March. This year Trent Reznor of Nine Inch Nails inducted The Cure, while David Byrne, the former frontman of the Talking Heads, inducted Radiohead.

Wenner has received praise from Bruce Springsteen and Mick Jagger for his role with the foundation.

“A long time ago, when no one was thinking about our music and its posterity, Jann saw that we needed a place to celebrate popular music and recognize the people who had made the music grow. It was a visionary idea and he stuck with it,” Jagger said in a statement.

“He built a beautiful and credible home for our history and deserves our appreciation and respect for this tremendous accomplishment,” Springsteen said.