Warner Music chairman and CEO to switch jobs

[August 22, 2011]  NEW YORK (AP) -- Warner Music Group Corp.'s current chief executive and its chairman will switch jobs.

Edgar Bronfman Jr., who had been serving as chief executive, was named chairman and will focus on the company's strategy and growth opportunities. Stephen Cooper, the current chairman, was elected as chief executive and will be responsible for Warner Music's day-to-day operations, the company said.

Warner Music, home to artists such as Eric Clapton, Jason Mraz and Cee Lo Green, announced the changes Friday.

Cooper will continue to serve on the company's board, Warner Music said.

Cooper also serves as a member of the supervisory board for chemical maker LyondellBasell Industries N.V. He's also an adviser at Zolfo Cooper, a financial advisory and interim management firm that he co-founded, and managing partner of the private-equity firm Cooper Investment Partners.

In addition, Thomas Lee, who served on Warner Music's board from March 2004 through July 2011, was elected as a new director of the company. Lee is the chairman and chief executive of Thomas H. Lee Capital LLC. His appointment increases the size of Warner Music's board to 10 members.

Warner Music went private in July, after billionaire Len Blavatnik paid about $1.24 billion for the New York-based company.

[Associated Press]

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