David is simply one of the most distinctive, influential and exciting artists of our time

Don Ienner, Columbia chairman

He set up his own small, independent label, ISO, which will make the new record.

Columbia chairman Don Ienner said fans will not be disappointed with the new material.

He said: "David is simply one of the most distinctive, influential and exciting artists of our time, and Heathen is a remarkable addition to his incredible body of work.

'Enthusiasm'

"Music needs David Bowie right now, and we couldn't be more proud that he has chosen Columbia as his new home."

Mr Ienner also praised Bowie's new material, saying Heathen was "the album his worldwide audience has been waiting for".

The new album marks the first studio collaboration between the singer and producer Tony Visconti in more than 20 years.

In the past the pair had worked together on numerous albums, including Young Americans, Low, Heroes and Scary Monsters.

Bowie said he was happy with the move and that he could not think of a "better home" for his music than Columbia.

He added: "After my first couple of meetings with the people at Columbia, it was apparent that their enthusiasm for what Tony and I are doing right now borders on boundless."

Bowie is set to perform at a series of US and European music festivals this summer and he will also act as curator of the prestigious Meltdown Festival in London during June.

David Bowie has long been one of Britain's most independent and pioneering musicians, releasing songs on the internet long before it was fashionable and even setting up his own online radio station and bank.

His business knowledge has helped him become one of the richest men in showbusiness.

A recent Sunday Express "Rich List" puts him second with a fortune of �510m, only Sir Paul McCartney has more in the bank.