Is A New CEO Coming To Warner Music Group?
May 30, 2012 at 3:58 AM (PT)
A change at the top of WMG is getting closer. THE NEW YORK POST reports, "WARNER MUSIC GROUP, controlled by billionaire LEN BLAVATNIK, has been quietly reaching out to music execs as it prepares for the eventual exit of STEPHEN COOPER, a caretaker CEO who is expected to turn the company over to his replacement. Sources say BLAVATNIK has been sending out feelers recently in search of candidates with both music credentials and operating expertise."
"They are looking for a creative who is a decent entertainment operator," a source told THE POST.
Last SUMMER (NET NEWS, 8/19/11), then-CEO EDGAR BRONFMAN, JR. was appointed to the position of Chairman of the company's Board of Directors and STEPHEN F. COOPER, who had been serving as Chairman, was elected to serve as WMG's CEO. BRONFMAN wanted to focus on the company's strategy and growth opportunities while COOPER was responsible for the company's day-to-day operations.
COOPER is juggling that role in addition to running his own firm.
Some industry insiders see COOPER remaining with WMG, even after this round of changes.
Whether these rumored moves will affect NORTH AMERICAN Chairman/CEO Recorded Music LYOR COHEN is yet to be seen. THE POST notes "COHEN has not yet been offered a new contract and is working under his existing contract, which grants him $3 million in annual salary plus a $3.5 million bonus, according to WARNER’s last proxy statement as a publicly traded company."
Earlier this month (NET NEWS 5/15), WMG reported Q2 total revenues were off 8%, and recorded music was down 9%.