WSJ Report: Lack, Schmidt-Holtz To Trades Titles?
February 8, 2006 at 2:48 PM (PT)
The longrunning issue of who will ultimately run SONY BMG's joint-venture music company may just about be over, according to the WALL STREET JOURNAL (subscription may be required). Insiders report that SONY BMG MUSIC ENTERTAINMENT CEO ANDREW LACK and non-Exec. Chairman ROLF SCHMIDT-HOLTZ will swap duties and titles. Time is of the essence as LACK's contract concludes at the end of MARCH.
Issues came to the surface late last year when BERTELSMANN notified SONY Chairman and CEO HOWARD STRINGER of its unhappiness with LACK's performance. STRINGER and BERTELSMANN Chairman & CEO GUNTER THIELEN had yet to solve the problem, until now -- if the deal is approved.