Breaking News: Lyor Cohen steps down as head or WMG

Lyor Cohen Stepping Down as Warner Music Chairman/CEO
September 24, 2012 | By Billboard staff
Lyor Cohen, Chairman/CEO of Recorded Music for Warner Music Group, is stepping down from his post effective September 30, the company announced today. He had been at Warner since 2004, beginning as Chairman and CEO, US Recorded Music in March of that year.

Former EMI CEO Roger Faxon -- who just stepped down from that role Friday, in the wake of Universal Music's acquisition of the company clearing the EU and FTC -- has long been rumored to take over the helm at Warner.

As Chairman/CEO of Recorded Music for WMG, Cohen's role included oversight of the company's U.S. label groups - The Atlantic Records Group and Warner Bros. Records -- WEA Corp., the company's sales, marketing and retail distribution company; and Rhino Entertainment, WMG's catalog-marketing division. He is also a member of WMG's Board of Directors. Cohen joined the company shortly after Time Warner's sale of WMG to an investor group led by Edgar Bronfman, Jr.

Billboard Power 100: Lyor Cohen

In making the announcement, Cohen said, "To all the artists and employees who live and die for the music every day, and who personally sacrifice for the good of the creative process: 'keep on keepin' on' in the tradition of a company that respects and honors the artistic community."

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.

Cohen rose to prominence in the mid-1980s as an artist manager at Rush Communications -- where he worked extensively with Run-DMC, the Beastie Boys and others -- and as President of Def Jam Records, a role he took in 1988.

Warner was purchased by Access Industries, led by Blavatnik, last year.

Billboard.biz will have more on this developing situation shortly.

Read more at Lyor Cohen Stepping Down as Warner Music Chairman/CEO | Billboard.biz

We will see how this lays out in regards to the artists.

This is pretty big.

WMG is one of the big 4, could be a major game changer.

I thought Ross was a shoo-in for huge things because his ties to Lyor, which is still possible, but not sure how.

wow damn.. wonder what will be his next move... lyor is one of the smartest people in the music biz

For those that dont know, he was co founder of Def Jam records also.

Huge influence in rap music today.

edit: he was head of def jam not co founder.

and i didnt have to go to wiki pedia or google it, to see where i !!ed up, thanks for those who pointed it out.

now chill.

Lyor is a top boss of the Illuminati of Music

Lyor got something else lined up I'm sure... But what's going to happen to the artist??? I smell some shelving coming! [pic]

agreed on both ends.

this gotta have people shaking who on WMG

[pic]

!! just got real

I think something big in the industry is about to happen

wimpgit go !! yourself in the[..]

Not sure how this will effect Ricky rozay and MMG.....but Lyor and his colleagues made like 3 billion bucks last year so I'm sure he'll still be in hip hop music realm

it happened when UMG bought EMI for 1.9 billion the other day.

!!s gonna change for sure.

best case, lyor makes another major move and ross go with him or ross doesnt lose clout at wmg.

worst case, todd moscowitz leaves too, leaving no one who signed MMG there at WMG, and the green lights for MMG dont come as easy.

XV lost
I want that damn album man [pic]

Something aint right here.Lyor knows something we don't know![pic]

Try again

which part.

oh yeah sorry, i see what i wrote, he was head of def jam. my fault.

rick rubin was co founder.

edit: he co founded rush management with Russell Simmons.

[pic]

go back to def jam

Man, Lyor's stories about signing people are always classic. He didn't care where he had to go to make it happen... he was going.