WMG CEO Steve Cooper Leaving In ’23
• Steve Cooper, CEO of Warner Music Group for the past 11 years, will step down next year. The news was originally reported by the Wall Street Journal and confirmed by a Warner Music rep.
Cooper broke the news to the staff in a memo, obtained by RAMP, which reads, in part, “I wanted you to hear it from me first: I’ve informed Len [Blavatnik, Founder & Chairman of Access Industries] and our Board of Directors that we should begin the search for my successor. The process of finding a new CEO will take time, and we’ll be looking at candidates both internally and externally. We expect the transition to happen by the end of 2023.”
Cooper, now 75, joined WMG in 2011, bearing zero previous music industry experience — indeed, Cooper’s WMG bio lists his previous executive roles as CEO of Metro-Goldwyn-Mayer, Inc.; CEO of Hawaiian Telcom; Executive Chairman of Blue Bird Corporation; Executive Chairman of Collins & Aikman Corporation; CEO of Krispy Kreme Doughnuts; CEO & Chief Restructuring Officer of Enron Corporation; and Chairman of the Restructuring Committee of LyondellBasell Industries. At that time, Variety notes that the music business was at its lowest point, its revenue having been cut in half by illegal downloading and plummeting CD sales. However, Cooper turned his decades of business experience toward the industry and showed an open-minded approach toward a rapidly changing business. The company’s revenue rose nearly 19% in its most recent fiscal year, its best showing this century, to $5.3 billion, according to the Journal.
Cooper’s memo continued, “When I arrived here in the summer of 2011, a lot of people figured I’d only be here a year or two. But eleven years later, I’m now six decades into my career, and of everything I’ve done, this is the job I’ve enjoyed the most. I’m proud to say that I’m the longest running CEO in WMG’s history. This is a wonderful company, and I’m excited to help select my successor.”
In closing, Cooper said, “We’re just at the beginning of a new golden age of music, and WMG is beautifully positioned for continued growth and innovation, with new opportunities emerging every day. I know Max [Lousada], Guy [Moot], Carianne [Marshall], and the entire senior management all agree — what matters most is the music. So please, let’s keep up the great work. The main reason I’ve stayed here as long as I have is because of all of you – the brilliant people of WMG. I can’t wait to see what the future holds for this amazing team. Onward, forward, and upward.”
