Cohen, Fleisher Rise As WMG Reorganizes Mgmt.
September 16, 2008 at 5:42 AM (PT)
WARNER MUSIC GROUP has made a series of corporate management appointments, effective immediately. Chief among them are the promotions of LYOR COHEN and MICHAEL FLEISHER to Vice Chairmen, and a reorganization of its International division.
Chairman/CEO, EDGAR BRONFMAN, JR. said, "This new structure recognizes the evolution of our business since WMG became a stand-alone music company in 2004, and is intended to drive our ability to seize new growth opportunities. It builds on elements of the company’s strategy, including significant investment in A&R, leadership in the industry’s digital transformation, and development and acquisition of a suite of artist service companies that have helped deliver a high level of creative and operational success. Given our significant achievements over the past few years, we are positioned to transform the organization into a true global enterprise. We can no longer organize the company as simply 'U.S.' and 'non-U.S.' operations. A more unified structure will help our team to best focus their abilities for maximum benefit to artists, shareholders and employees."
Lyor Cohen Named Vice Chairman
Under the new structure, WMG has established an Office of the Chairman comprised of LYOR COHEN and MICHAEL D. FLEISHER, which will be responsible for the unified strategy, transformation and operations of the company, and has reorganized its worldwide management team. COHEN, who has led WMG’s U.S. recorded music operations to their most successful performance in more than a decade, has been named Vice Chairman/WARNER MUSIC GROUP and Chairman/CEO, Recorded Music -- AMERICAS and the U.K. In his new position, COHEN will add oversight of WMG’s U.K. and LATIN AMERICAN recorded music operations to his current responsibilities in the U.S. and CANADA.
Michael Fleisher Also Named Vice Chairman
FLEISHER, who has served as WMG’s EVP/CFO since JANUARY 2005, played a prominent role in taking the company public in MAY 2005. In his new role as Vice Chairman/Strategy and Operations, FLEISHER will oversee global corporate strategy and operations and will lead the transformation of WMG’s business models and operational processes.
Additionally, STEVEN MACRI, WMG’s SVP/Global Controller, has been named EVP/CFO.
COHEN, FLEISHER and MACRI will report to BRONFMAN.
International Reorganized As Well
WMG also announced that the current WARNER MUSIC INTERNATIONAL regional structure will be revised. The company will now be organized into three regions: WARNER MUSIC AMERICAS AND THE U.K.; WARNER MUSIC ASIA PACIFIC and WARNER MUSIC CONTINENTAL EUROPE.
BRONFMAN concluded, "LYOR and his team have done a remarkable job in revitalizing our U.S. business and I’m confident he will bring the same passion and skill to the territories he will now oversee. As WMG continues to transition to a multi-faceted recorded music, music publishing and artist services organization, I asked MICHAEL to lead and focus exclusively on our worldwide operational strategy. Fortunately, we have an executive of STEVE MACRI’s abilities and depth of knowledge to serve as our CFO going forward."