Though it has been rumored for a long while, music industry mastermind Sylvia Rhone has joined forces with Epic Records to form “Vested in Culture” (VIC), the new New-York based label that Rhone will now be named Chairman/CEO. For more details hit the jump.

The formal announcement of Sylvia Rhone’s new role was made by Doug Morris, CEO of Sony Music Entertainment, L.A. Reid, Chairman & CEO of Epic Records. According to the announcement, Sylvia Rhone will report to the Chairman an CEO of Epic Records, L.A. Reid and oversee the day-to-day operations of VIC.

LA Reid says that he admires Rhone for her work in the business, supports her new venture under the Epic “It gives me great pleasure to work alongside the most successful female record executive of all time,” remarked Reid. “She has taste, style, vision and she has my complete support.”

Sylvia is ecstatic but humbled for the opportunity to finally come full circle.

“The partnership between Vested in Culture and Epic Records marks an exciting new chapter in my career. I have a tremendous amount of respect for Doug Morris and L.A. Reid, and couldn’t ask to work with better music men than them. I look forward to building a great label and being a part of their continued success.”

Congratulations Ms. Rhone!

[Shouts to Epic Records]