Warner Music Group's Board Elects Edgar Bronfman, Jr. Chairman, Stephen F. Cooper CEO
Thomas H. Lee Joins WMG's Board
August 19, 2011 at 12:05 PM (PT)
WARNER MUSIC GROUP TODAY (8/19) announced that EDGAR BRONFMAN, JR., who had been serving as the company's CEO, has been appointed to the position of Chairman of the company's Board of Directors and STEPHEN F. COOPER, who had been serving as Chairman, has been elected to serve as WMG's CEO. BRONFMAN will focus on the company's strategy and growth opportunities while COOPER will be responsible for the company's day-to-day operations. COOPER will continue to serve on the company’s Board of Directors.
Chairman/CEO Recorded Music LYOR COHEN and Chairman/CEO WARNER/CHAPPELL MUSIC CAMERON STRANG will remain in their positions, reporting directly to COOPER.
THOMAS H. LEE CAPITAL Chairman/CEO THOMAS H. LEE, who served as a member of WMG's Board from MARCH 2004 through JULY 2011, has been elected as a new Director of WMG. With the appointment of LEE, the size of WMG's Board has increased from nine to 10 members.
BRONFMAN said, "With the ACCESS INDUSTRIES transaction closed and WMG well-positioned for its next exciting chapter, it was clear that in order to best seize the strategic opportunities before us, we needed to deploy our team in the most effective and imaginative manner possible. Given my desire to focus on growth opportunities and STEVE's extensive background in management across a wide array of companies and industries, I am grateful that STEVE accepted the offer to change roles and to serve as our CEO. I look forward to continuing our successful partnership."
BRONFMAN added, "I'm pleased to welcome TOM LEE to our Board. TOM and I previously served together on WMG's Board, and his contributions were invaluable. We’re fortunate that going forward we’ll be able to benefit from his insight and his history with the company."