Warner Music Group Chairman steps down

Warner Music Group’s Edgar Bronfman Jr. has announced that he will be stepping down as chairman of the company, but will remain on the label’s board.
In a statement to staff, obtained by theWrap.com, he said: “As my other obligations are beginning to take an inordinate amount of time, I have asked to step down as WMG’s board chairman, effective January 31, 2012. However, I will remain a director of the company and in that way, continue my association with Warner Music and its extraordinary people.”

WMG owner Len Blavatnik then sent his own memo, according to Billboard, which read; “Today, I also write to thank Edgar for all that he’s done for the company, and all that he will do in the years to come. His leadership, counsel and guidance have been-and will remain-invaluable. … It was his vision in transforming WMG into a progressive, modern music company that made WMG so attractive to Access. Given that vision and his years of expertise in the industry, as a director at WMG, he will continue to be an important part of our leadership and I look forward to his many future contributions.”

Bronfman previously bought the company in 2004 then sold it in May this year. He was also responsible for developing WMG’s digital business and implementing more 360 deals with Warner-signed artists.

There has been no official comment on who will replace him.

Source: Reuters / Music Week