We can no longer organize the company as simply U.S. and non-U.S. operations.
Chairman and Chief Executive Edgar Bronfman Jr.
Warner, the sole publicly traded stand-alone music company and home to Kid Rock and My Chemical Romance, will instead divide its work into three regional areas: continental Europe, Asia-Pacific and U.K./Americas.
Newly appointed Vice Chairmen Lyor Cohen and Michael Fleisher will lead the charge. Warner Music International Chairman and Chief Executive Patrick Vien is leaving the company. Fleisher joined Warner shortly after the company split from Time Warner Inc. in 2004 and helped it go public the following year. He will head global corporate strategy. Cohen will oversee recorded music operations in Britain and Latin America, in addition to his work running North American operations.
Global Controller Steven Macri was named chief financial officer. Lachie Rutherford and John Reid will continue to run the Asia-Pacific and European sectors, respectively, and Inigo Zabala will report to Cohen and continue to lead Latin American operations.
Warner credits Cohen with revitalizing its U.S. recorded music operations by significantly increasing digital revenue and running major labels Atlantic and Warner Bros. Records. In March, the company doubled his base salary to $3 million. Cohen stirred controversy in August, when he sold nearly a quarter of his stock at a time when the company claimed its shares were undervalued.
