Publication: The New York Times
Title: Bronfman Stepping Down as Warner Music Chairman
Article by: Ben Sisario
According to the New York Times, Edgar M. Bronfman Jr., is stepping down as chairman of the board of the Warner Music Group on January 31.
“Mr. Bronfman will remain on the board, but he told employees in an internal memo that his “other obligations are beginning to take an inordinate amount of time.””
Since Warner Music was sold to Access Industries this past May for $3.3 billion, and recently Warner Music lost a bid to acquire EMI, the news of Bronfman stepping down has been expected by those in the music industry.
The company is expected to name a new chairman by January. The Times notes that Stephen F. Cooper, “a turnaround expert who had previously worked at the Enron Corporation and Krispy Kreme Doughnuts”, took over as CEO in August.