Report: Sony Music Seeking New CEO
July 15, 2010 at 4:30 AM (PT)
SONY CORP. "has quietly started a preliminary search for a new chief of its SONY MUSIC ENTERTAINMENT division, reports THE NEW YORK POST, citing "several industry executives."
Current CEO ROLF SCHMIDT-HOLTZ, who is under contract through MARCH 2011, currently travels between the U.S. and GERMANY, and the report says "SONY Chairman HOWARD STRINGER is quietly looking for a U.S.-based executive to replace the company’s current division head."
Despite an industry-wide slowdown, SONY posted increased profits for the year ended MARCH 31st. The company's share of the music market also increased from 26.5% to 28.3% in the first half of 2010.
Despite those numbers, the report says "critics say the improvement came mostly on sales of the MICHAEL JACKSON catalog following the pop star's death and the success of overnight reality TV star SUSAN BOYLE -- not through any grand plan. 'He's just not engaged,' said one music industry source familiar with the situation, referring to SCHMIDT-HOLTZ. Without mega-sales from JACKSON and BOYLE things would have been terrible," the source told THE POST.