Clive Davis has signed a long-term contract...

Clive Davis has signed a long-term contract to remain president and chief executive of Arista Records, New York. Details of the agreement were not released, but executives at Bertelsmann Music Group, Arista’s parent company, called the terms “generous.”

Davis, the veteran music industry executive credited with turning Whitney Houston into a star, reportedly considered other options before agreeing to remain at Arista. Davis formed the company in 1974. It was purchased by Bertelsmann (BMG) in 1979.