Warner Music Group CEO Edgar Bronfman Jr. will swap jobs with current Chairman Stephen Cooper in a shake-up that comes less than a month after the sale of the music major to Russian-born billionaire Len Blavatnik.
Cooper, who was recently named chairman of Warner’s board, is a turnaround artist who led the sale of film studio MGM and also worked with now defunct energy giant Enron.
Cooper is said to be close to new owner Blavatnik, whose Access Industries just completed the acquisition of Warner Music for $3.3 billion last month.
Warner is currently in the bidding for rival music company EMI. Lender Citigroup is shopping EMI after its previous owner, private-equity firm Terra Firma, ran into financial trouble.
As chairman, Bronfman will focus on the acquisition of EMI and “bigger picture” strategic moves, while Cooper will take charge of operations.
“I conveyed my strong conviction that my energies on behalf of the company would best be directed toward transformative transactions and long-term strategy,” Bronfman said in an e-mail to employees. “Len [Blavatnik] was supportive of my wishes provided we could identify the executive to whom I could hand off day-to-day management responsibilities.”
Lyor Cohen will remain head of Warner’s recorded music division, although music industry sources believe he’s assuming a larger power base at the company. He was recently appointed to the board.