Earlier at the moment, MBW reported that Steve Cooper, the long-time CEO of Warner Music Group, is stepping down from that place.
Cooper has been CEO of WMG for 11 years. He revealed the information of his exit in a memo to employees at the moment (June 22), which MBW has now obtained; it’s accessible to learn in full under (in italics).
As you’ll be able to see within the notice, Cooper confirms that he can be remaining WMG’s CEO till a successor is discovered – a recruitment course of wherein he look set to take an energetic position.
That successor isn’t anticipated to be chosen and employed till the second half of subsequent yr. Cooper nods to this in his notice: “We anticipate the transition to occur by the tip of 2023.”
Hello everybody,
I needed you to listen to it from me first: I’ve knowledgeable Len and our Board of Administrators that we must always start the seek for my successor. The method of discovering a brand new CEO will take time, and we’ll be candidates each internally and externally. We anticipate the transition to occur by the tip of 2023.
After I arrived right here in the summertime of 2011, lots of people figured I’d solely be right here a yr or two. However eleven years later, I’m now six many years into my profession, and of every part I’ve finished, that is the job I’ve loved essentially the most. I’m proud to say that I’m the longest operating CEO in WMG’s historical past. This can be a fantastic firm, and I’m excited to assist choose my successor.
“We’re simply originally of a brand new golden age of music, and WMG is fantastically positioned for continued development and innovation, with new alternatives rising on daily basis.”
Within the meantime, if anybody asks you about this information, you’ll be able to merely say it’s enterprise as ordinary. We’re increasing our funding in artists and songwriters. We’re evolving our firm tradition and creating our dynamic, numerous workforce. We’re dramatically rising our world footprint and making transformational acquisitions. We’re constructing on our status because the fastest-moving, most forward-thinking main. We’re simply originally of a brand new golden age of music, and WMG is fantastically positioned for continued development and innovation, with new alternatives rising on daily basis.
I do know Max, Man, Carianne, and the complete senior administration all agree – what issues most is the music. So please, let’s sustain the good work. The primary cause I’ve stayed right here so long as I’ve is due to all of you – the good folks of WMG. I can’t wait to see what the long run holds for this superb workforce.
Onward, ahead, and upward.
Steve
Warner Music Group’s annual revenues have almost doubled since Cooper turned the agency’s CEO in 2011.
In Warner Music Group’s newest full fiscal yr – to the tip of September 2021 – the corporate turned over $5.301 billion, up 15% YoY at fixed foreign money.
The yr after Cooper took cost of the music firm, in fiscal 2012 (the 12 months to finish of September 2012), it generated $2.780 billion.Music Enterprise Worldwide
