NEW YORK (CelebrityAccess MediaWire) — Warner Music Group has announced a series of changes to their management heirarchy in an effort to adapt to the changing landscape of the music business.
The changes include the establishment of an Office of the Chairman which is comprised of Lyro Cohen, and Michael D. Fleisher which will oversee the development of strategy and operations at the label group. Cohen has been named as Vice Chairman for WMG and Chairman of the recorded music for the Americas
and the UK. In his new position, Cohen will add oversight of WMG's U.K. and Latin American recorded music operations to his current responsibilities in the U.S. and Canada.
"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. 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." Edgar Bronfman said of the reorganization.
Fleisher, who has served as WMG's Executive Vice President and Chief Financial Officer since January 2005, oversaw the transition of WMG's IT and finance departments into independant entities from parent corporation Time-Warner. In his new role as Vice Chairman, Strategy and Operations Fleisher will oversee global corporate strategy and operations and will lead the transformation of WMG's business models and operational processes. He will also continue to head-up corporate development as well as the company's investor relations and information technology departments.
Steven Macri, WMG's Senior Vice President and Global Controller, has been named Executive Vice President and Chief Financial Officer. Since joining the company in 2005, Macri has assembled a strong corporate finance team, developed the company's public reporting process, and designed and implemented procedures to ensure the company's Sarbanes-Oxley compliance. In his new role, he will be responsible for the company's worldwide financial operations.
"Lyor and his team have done a remarkable job in revitalizing our U.S. business and I'm confident he will bring the same passion and skill to the territories he will now oversee. As WMG continues to transition to a multi-faceted recorded music, music publishing and artist services organization, I asked Michael to lead and focus exclusively on our worldwide operational strategy. Fortunately, we have an executive of Steve Macri's abilities and depth of knowledge to serve as our CFO going forward." Bronfman added. – CelebrityAccess Staff Writers