YAKETY YAK DEPT.: The record industry rumor...

YAKETY YAK DEPT.: The record industry rumor mill is always humming in this town, but it’s been working overtime for the past few weeks with reports of big changes at industry giant CBS Records. Several highly placed sources at rival labels say that CBS Records Inc. President Walter Yetnikoff is about to make a major top-exec shuffle. According to the scenario, CBS Records Division President Al Teller will leave by the end of the month, to be replaced by top rock manager Tommy Mottola, who handles such superstars as John Cougar Mellencamp and Hall & Oates. (Teller, word has it, could in turn surface as a key exec at a rival label or, more intriguingly, as the head man at a new label formed by a leading motion picture studio).

As usual, if you’re looking for any confirmation of these reports, don’t expect it from CBS. The label’s corporate spokesman said neither Teller nor Yetnikoff would comment. Asked if Yetnikoff would deny the reports, which could easily put the widespread rumors to rest, the spokesman replied: “Walter never comments on rumors.” Mottola did not return phone calls.