MUMBAI: Warner Music Group Corp. (WMG) has executed key changes in its team by swapping the roles of company's CEO Edgar Bronfman Jr and Chairman Stephen F Cooper.
The management has also appointed Thomas H Lee as a new director of WMG. Lee is a longtime board member, whose equity firm Thomas H. Lee Capital, is investing in Warner since 2004.
Edgar Bronfman Jr will focus on the company's strategy and growth opportunities, while Stephen F Cooper will be responsible for the company's day-to-day operations. Cooper will continue to serve on the company's Board of Directors. Warner recorded music business head Lyor Cohen and Cameron Strang who heads its publishing arm - Warner Chappell will report to Cooper.
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."
"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," he added.
MUMBAI: Warner Music Group Corp. (WMG) has executed key changes in its team by swapping the roles of company's CEO Edgar Bronfman Jr and Chairman Stephen F Cooper.
The management has also appointed Thomas H Lee as a new director of WMG. Lee is a longtime board member, whose equity firm Thomas H. Lee Capital, is investing in Warner since 2004.
Edgar Bronfman Jr will focus on the company's strategy and growth opportunities, while Stephen F Cooper will be responsible for the company's day-to-day operations. Cooper will continue to serve on the company's Board of Directors. Warner recorded music business head Lyor Cohen and Cameron Strang who heads its publishing arm - Warner Chappell will report to Cooper.
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."
"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," he added.
