New Warner Music Group head Edgar Bronfman had a message for his employees this morning:
- Dear Colleagues:
We are announcing today a series of necessary restructuring steps that are critical to the future of Warner Music Group. I want to outline them for you personally and share with you how they will affect our label structure, management team and employees. All of these steps are based on a careful and thorough analysis of all aspects of WMG's needs and operations, undertaken in close collaboration with the Company's senior management over the past few months. It is of the utmost importance that we make the necessary changes as quickly as possible so that Warner Music Group can begin to move ahead with increased strength and confidence as a more competitive, agile and efficient organization.
First, Lyor Cohen, our new Chairman and CEO of U.S. Recorded Music, will report to me and be responsible for all aspects of WMG's recorded music operations in the United States. Also reporting directly to me will be Paul-Rene Albertini, formerly President of Warner Music International, who will now run the Company as its Chairman and CEO, with responsibility for all of our international companies and affiliates in Europe, Latin America, Asia Pacific and Canada; and Les Bider, who will continue to provide his fine leadership as Chairman and CEO of Warner/Chappell Music, one of the world's pre-eminent international music publishing companies.
My other direct reports include all corporate staff, including Helen Murphy, Chief Financial Officer; Dave Johnson, Executive Vice President and General Counsel for the Company; and Will Tanous, who will lead our communications efforts as the new Head of Corporate Communications. Dawn Bridges will be leaving the Company after many years of exemplary service to our executives, artists and employees.
Reporting directly to Lyor will be Tom Whalley, Chairman and CEO of Warner Bros. Records; Scott Pascucci, President, Warner Strategic Marketing; and John Esposito, President, WEA Corp.
We are currently continuing our discussions with Roger Ames about a senior management role at the Company.
Second, we will begin consolidating our East Coast operations by merging the Business and Legal Affairs, Finance and Label Sales divisions at Elektra and Atlantic, and Lyor Cohen will lead both labels as interim Chairman. Atlantic Records founder Ahmet Ertegun will remain with the Company and help us continue the label's world-renowned legacy; however, Sylvia Rhone, Val Azzoli and Ron Shapiro will be leaving the Company. Their contributions to the Elektra and Atlantic labels over the years have helped to sustain Warner Music through very challenging periods, and I would like to thank them for all they have done to make WMG one of the world's leading music companies.
Article comments
1 - Eric Olsen
Thanks Mark, and the 20% is about 1000 people, by the way.