We've officially turned on the theme song to Welcome Back, Kotter and started growing a lustrous mustache in honor of Phil Harrison's return to Game Industry Executiveland. This morning, news broke out of Europe that Harrison will be taking over Peter Molyneux's recently vacated position as head of Microsoft Studio's Europe. GameIndustry.biz reports the appointment, citing "several sources" confirming the report (we've reached out to Microsoft for confirmation, but have yet to hear back).

Harrison's LinkedIn and Twitter accounts make no mention of the new job, perhaps because Microsoft's official announcement is reportedly set for "later today." His most recent employer is game industry venture capital firm London Venture Partners, where he serves as general partner.

Update: Microsoft announced Harrison's appointment this morning to corporate vice president of Microsoft's "Interactive Entertainment Business" arm, with a focus on European markets. Specifically, Harrison will be "overseeing UK-based developers Lionhead Studios, Soho Productions and Rare Ltd." See the full presser just below the jump.

[Image credit: Flickr user 'jontintinjordan']