Warner Music Group has just announced that legendary music exec Lyor Cohen will officially step down as Chairman/CEO of Recorded Music for WMG.
Here's how Billboard is reporting it:
"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."
Whoever replaces ol' boy sure has some big shoes to fill.