ASCAP today announced that CEO John LoFrumento eas retiring after 17 at the performing rights organization. January 1st. LoFrumento first joined ASCAP in 1981 as Controller. He then served as CFO, COO and EVP, and was named CEO in 1997. LoFrumento’s successor will be named shortly.
As CEO, LoFrumento helped ASCAP’s membership and distributions grow from 70,000 members in 1997 with distributions totaling $417 million to 520,000 members today with 2014 distributions to exceed $875 million. ASCAP licenses 10 million compositions.
“When I became CEO in 1997, we set a course aimed at transforming ASCAP into a new kind of organization that would be ready to meet the demands of the 21st century, and I am so proud of what we have achieved,” said LoFrumento. “Through a commitment to innovation and continuous improvement in all areas of our operation, ASCAP has become the world’s most sophisticated and efficient music rights organization, home to more than 520,000 of the world’s greatest music creators. And I am able to retire with tremendous confidence in ASCAP’s future, knowing that the Board’s search for a new CEO is well underway.”
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