p2pnet - rss feed: WMG under Chairman Edgar
p2pnet.net News:- Now the Warner Music Group and Edgar Bronfman Jr are one, WMG has announced “restructuring initiatives” that will include an “approximately 20% reduction in the Company’s global workforce, much of which is anticipated to take place within the first month,” it says.
Also departing will be Sylvia Rhone, chairman and ceo of Elektra Entertainment Group; Val Azzoli, co-chairman and co-ceo of The Atlantic Group; and Ron Shapiro, co-president of Atlantic Records.
“While the restructuring necessitates some painful changes, they are vital to creating a more agile organization that will allow us to remain competitive in the rapidly evolving marketplace and to take full advantage of future opportunities,” says Bronfman.
In the meanwhile, to create a more efficient organization “better able to compete in the challenging business environment of today’s music industry”:
- Certain business divisions of the Elektra Entertainment Group and The Atlantic Group labels, including the Legal and Business Affairs, Finance and Label Sales units, will be consolidated.
- Lyor Cohen, chairman and ceo of US Recorded Music at WMG, will be the interim chairman of both labels “until a final management structure is announced in the near future”. He’ll report directly to Edgar Bronfman Jr, WMG’s new chairman and ceo.
- Reporting directly to Cohen wil be Tom Whalley, chairman and ceo of Warner Bros Records; Scott Pascucci, president, Warner Strategic Marketing; and John Esposito, president, WEA Corp.
- Paul-Rene Albertini, formerly president of Warner Music International (WMI), will now run the company as chairman and ceo, with responsibility for all of Warner Music’s international companies and affiliates in Europe, Latin America, Asia Pacific and Canada.
- Leslie Bider is now chairman and ceo of Warner/Chappell Music and also reporting to Bronfman will be all corporate staff.
- “WMG is currently continuing its discussions with Roger Ames about a senior management role at the Company,” it says.
- Atlantic Records founder Ahmet Ertegun will remain with WMG.
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March 4th, 2004 at 6:41 am
> “While the restructuring necessitates some
> painful changes, they are vital to creating a
> more agile organization that will allow us to
> remain competitive in the rapidly evolving
> marketplace and to take full advantage of
> future opportunities,” says Bronfman.
I wonder how many of these ‘painful changes’ will extend up to the boardroom?
However, I am sure the new entity can find alot of cost savings by terminating employees and finding more ways for their work-for-hire performers… err artists to pay a larger share of the costs out of their tiny royalty checks.
Oh and somehow the p2p angle will come into play and they can blame all the cuts on file trading, as they usually do.
June 27th, 2006 at 5:13 pm
I would like to know where Val Azzoli has gone? Do you have a current email address for him. I am a friend from Seneca College. Thanks
Sheilagh.Stephenson@senecac.on.ca