WMG Re-Shuffles Executive Deck. Cohen A Winner.
Warner Music Group this morning announced a series of management appointments. Under the new structure, Lyor Cohen and Michael Fleisher have been promoted head a new Office of The Chairman heading a reorganized worldwide team. Warner Music International Chairman and CEO Patrick Vien will leave the company.
This is a victory for Cohen who some detractors believed was struggling to hold on to his position in the face of declining sales. Previously he led WMG’s U.S. and Canadian recorded music operations and now as Vice Chairman, WMG and Chairman and CEO, Recorded Music Americas and the U.K. will add oversight of U.K. and Latin American operations to his responsibilities.
Michael Fleisher, who has served as WMG’s EVP and CFO since January 2005. In his new role as Vice Chairman, Strategy and Operations he will oversee global corporate operations. He will also continue to head the company’s investor relations and information technology departments.Steven Macri, WMG’s SVP and
Global Controller has been named EVP and CFO. rsponsible for the company’s worldwide
financial operations.
In making the announcement, WMG Chairman and CEO, Edgar Bronfman, Jr. said…
“This new structure recognizes the evolution of our
business since WMG became a stand-alone music company in 2004, and is
intended to drive our ability to seize new growth opportunities….We can no longer organize the company as
simply ‘U.S.’ and ‘non-U.S.’ operations." Cohen, Fleisher and Macri will report to Bronfman.
The current Warner Music International (WMI) regional structure will also be reorganized into three regions: Warner Music Americas and the U.K.; Warner Music Asia Pacific; and Warner Music Continental Europe.
Warner Music Asia Pacific will continue to be led by Lachie Rutherford, reporting to Bronfman. John Reid will continue to run the company’s European operations, reporting to Bronfman for Continental Europe and Cohen for the U.K. Reid will also continue to oversee the company’s international marketing and content efforts, reporting to Bronfman. The company’s Latin American operations will continue to be led by Inigo Zabala, who will report to Cohen.
theres’ something not right about anyone that wants to come into their office everyday and see that artwork on the wall behind him….
Of all the problems that Cohen has, his biggest one of all is he has bad taste. His taste sucks. He’ll tell you that it doesn’t matter because the people who work beneath him make up for his failings. But truth be told…their taste sucks just as much. That’s why WMA is in the dumps. I don’t suppose it will change unless someone takes over and they take the company private again. The stock market is an awful place for an ART company like Warners to be in and it has never made panned out for them. Gambling on and placing a changing value on art is a fools game to play.
And as we all know just “sales” of any kind does not make the music great and lasting.
Boot Cohen and friends and get leaders with good taste and a love for good music….at a good price and things will be a bit better off in the music world.
At least for a while until greed and ego and bad taste set in and the whole process goes off again….