Warner Music Centralizes U.S. Financial Operations In Nashville
Warner Music is shifting the lion's share of its financial operations to Music City, where it is opening a new 'center of excellence for Shared Services.'
The company hopes that by centralizing its financial, legal, and administrative functions, they will become more efficient and better enabled to serve clients. Units moving to Nashville include US Accounting Operations, Cash Management, and Recorded Music Rights Administration, the company said.
Located at Nashville City Center and due to open in mid-2017, the center will employ up to 175 people, with staff either joining the company or relocating from New York and Los Angeles through mid-2018. Warner Music’s longstanding Nashville presence on Music Row will remain at its current location under the leadership of John Esposito, Chairman, and CEO of Warner Music Nashville, and Ben Vaughn, EVP, Warner/Chappell Nashville.
Kris Ahrend will be promoted to President, Shared Services from SVP, Royalties and will oversee the new operation, reporting to Eric Levin, CFO, Warner Music Group, and will assume his new responsibilities immediately. Ken Williams will join the center as Chief Financial Officer, Shared Services, reporting to Ahrend. Currently, SVP, Finance for Warner Music Nashville, Williams will transition to his new position in early 2017.