ASCAP CEO John LoFrumento To Retire
December 12, 2014 at 9:23 AM (PT)
JOHN LoFRUMENTO, Chief Executive Officer of ASCAP for the past 17 years, has decided to retire at the end of this year.
LoFRUMENTO first joined ASCAP in 1981 as Controller, serving as CFO, COO and EVP, before being named CEO in 1997. His successor will be named shortly.
LoFRUMENTO helped ASCAP develop its technology platforms for performance tracking and royalty distributions across all media. At the same time, ASCAP’s membership and distributions grew from 70,000 members in 1997, with distributions totaling $417 million, to 520,000 members today with 2014 distributions to exceed $875 million. ASCAP holds licenses to 10 million compositions created by BEYONCE, MAX MARTIN, DR. LUKE, DIERKS BENTLEY, KATY PERRY, ENRIQUE IGLESIAS, LORDE, JUSTIN TIMBERLAKE, DRAKE, and BRAD PAISLEY, among many more.
“When I became CEO in 1997, we set a course aimed at transforming ASCAP into a new kind of organization that would be ready to meet the demands of the 21st century, and I am so proud of what we have achieved,” said LoFRUMENTO. “Through a commitment to innovation and continuous improvement in all areas of our operation, ASCAP has become the world’s most sophisticated and efficient music rights organization, home to more than 520,000 of the world’s greatest music creators. And I am able to retire with tremendous confidence in ASCAP’s future, knowing that the Board’s search for a new CEO is well underway.”
“Under JOHN’s leadership, ASCAP’s innovations and embrace of new technologies have shaped the evolution of performing rights worldwide,” said ASCAP President and Chairman PAUL WILLIAMS. “He is an extraordinary advocate for music creators, and his accomplishments and vision will have a lasting impact on the music industry for years to come.”
LoFRUMENTO’s tenure also includes many “firsts” within the music industry, among them the creation and growth of MUSICPRO INSURANCE; the ASCAP “I Create Music” EXPO, the first Internet license for music performances online issued in 1995, and many others. LoFRUMENTO has also been instrumental in ASCAP’s efforts to update its decades-old consent decree with the U.S. Department of Justice.
JOHN's full statement can be read here.