In order take full advantage of our opportunities for growth and success, we need to reduce our global workforce by approximately 20%, beginning today, and anticipate much of this will be completed within the coming month. All of our colleagues are being provided with substantial severance payments and separation packages. In most instances, these include significant support, such as outplacement assistance, to help with a transition to new employment opportunities outside the Company.
While most of the changes we anticipate making have been announced today, we are still working on a number of additional steps, including the management structure of our East Coast labels. We will announce these as quickly as possible.
These were not easy decisions to make, but I want to reiterate that these changes are essential for our ability to move forward together, to continue building on the extraordinary legacy of Warner Music and to ensure our future success. I also want to thank you for your flexibility, patience and focus during this challenging time as we work together to achieve these goals.
The talent, the resources and the creativity at Warner Music position the Company extremely well for the future, and I am excited about the new opportunities that lie ahead. I look forward to working with you in the weeks ahead as we begin this journey.
Sincerely,
Edgar Bronfman, Jr.
That would be 20% of WMG.
(First posted on Mark Is Cranky)
Article comments
1 - Eric Olsen
Thanks Mark, and the 20% is about 1000 people, by the way.