Warner Music Announces Personnel Shake-Up
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Warner Music Group, the world’s third-largest music company, said Tuesday that it has promoted two of its top executives — Lyor Cohen and Michael Fleisher — to the posts of vice chairmen, and that it plans to revamp its international corporate structure, according to a report by Reuters.
Mr. Cohen, previously head of Warner Music’s American-recorded music, was also named chairman and CEO for recorded music in the Americas and Britain. Mr. Fleisher, previously the chief financial officer, has been promoted to vice chairman of strategy and operations for the company. Steven Macri, who was formerly WMG’s global controller, was promoted to CFO. Messrs. Cohen, Fleisher, and Macri will all report to Warner Music Group chairman and chief executive Edgar Bronfman.
Warner Music International’s CEO Patrick Vien is leaving the company as part of a restructuring of the international operations. It is now organizing into three regions: Warner Music Americas and Britain, Warner Music Asia Pacific, and Warner Music Continental Europe.
Warner Music has seen its share price fall nearly 70% in the last two years as market confidence in the future of the music industry has taken a beating.
“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,” Mr. Bronfman said.
