Global shake-up at Warner Music Group
Lyor Cohen, Michael Fleisher promoted; Patrick Vien exitsLONDON -- Warner Music Group has promoted Lyor Cohen and Michael Fleisher as part of a major international restructuring. As a result of a new regional structure, WMI chairman and CEO Patrick Vien will leave the company.
WMG has established an Office of the Chairman, headed by Cohen and Fleisher in New York, which will be responsible for the unified strategy as the major looks to run operations on a global basis.
Cohen, who has headed WMG's U.S. recorded music operations, has been named vice chairman of Warner Music Group and chairman and CEO of Recorded Music -- Americas and the U.K. He will oversee U.K. and Latin American recorded music operations in addition to his current responsibilities in the U.S. and Canada.
Fleisher, WMG's executive vp and CFO, becomes vice chairman, strategy and operations. He will oversee global corporate strategy and continue to lead corporate development as well as the major's investor relations and information technology departments.
Steven Macri, WMG's senior vp and global controller, has been named executive vp and CFO. He will be responsible for the company's worldwide financial operations. Cohen, Fleisher and Macri will report to WMG chairman and CEO Edgar Bronfman Jr.
WMG also announced that the current Warner Music International regional structure will be divided 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. John Reid will continue to run the European operations, reporting to Bronfman for Continental Europe and Cohen for the U.K. The company's Latin American operations will continue to be led by Inigo Zabala.
"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," Bronfman said.
"It builds on elements of the company's strategy -- including significant investment in A&R, leadership in the industry's digital transformation, and development and acquisition of a suite of artist service companies -- that have helped deliver a high level of creative and operational success."
Bronfman said WMG "can no longer organize the company as simply 'U.S.' and 'non-U.S.' operations."
"I would like to thank Patrick Vien for leading our international organization during a time of enormous change and transition," Bronfman added. "His strategic leadership has served as a critical building block for our future success."