Warner Music Group has announced that their Chairman and CEO of Recorded Music, Lyor Cohen, is stepping down as of September 30th. Cohen, who had been with the company since 2004, is credited for restructuring the Recorded Music division after joining Warner nearly eight years ago – witnessing several hits with artists like The Black Keys, Bruno Mars, Cee Lo Green and more.
And the press release:
Warner Music Group (WMG) announced today that after more than eight years at WMG, Recorded Music Chairman and CEO, Lyor Cohen will resign from the company effective September 30, 2012.
Len Blavatnik, Chairman and founder of Access Industries, said, “I personally want to thank Lyor for his dedication and contributions to Warner Music. He has been both a business partner and personal friend and I wish him only the best.”
Stephen Cooper, WMG’s CEO, said, “Lyor Cohen has built something very special here. While we understand his desire to move on to his next challenge, the enduring success of our recorded music division will serve as a great testament to the progress we’ve made during Lyor’s time at WMG. We are grateful for Lyor’s contributions, and we wish him the best. I’m confident that given the strength of our talented management team in Recorded Music, we’ll be able to drive further success.”
Following Cohen’s departure, the company’s senior label executives will report directly to Stephen Cooper.
Lyor Cohen has served as the Chairman and CEO, Recorded Music for Warner Music Group since 2011. Prior to that, he served as Vice Chairman, WMG and Chairman and CEO, Recorded Music – Americas and the UK, since September 2008. Previously, Cohen was Chairman and CEO, Recorded Music North America from March 2008 to September 2008 and Chairman and CEO, US Recorded Music since joining the company in March 2004. From 2002 to 2004, Cohen was the Chairman and CEO of Universal Music Group’s Island Def Jam Music Group. Cohen served as President of Def Jam from 1988 to 2002. Previously, Cohen served in various capacities at Rush Management which he founded with partner Russell Simmons.