With the announcement that he is resigning from his post as Chairman and CEO at Warner Music Group, Lyor Cohen left the industry scratching their heads as to what his next move will be. Effective on September 30th, he will leave WMG after joining the company back in 2004.
In a characteristically noncorporate statement, Mr. Cohen left with a pep talk for his employees. “To all the artists and employees who live and die for the music every day,” he said in a statement, “and who personally sacrifice for the good of the creative process: ‘keep on keepin’ on’ in the tradition of a company that respects and honors the artistic community.”
No reason was given for Mr. Cohen’s departure, but he was known to be negotiating for a new contract. Last year, Mr. Cohen earned nearly $11 million in total compensation, more than any other employee, including Mr. Bronfman, according to Warner’s annual report.
A successor was not named, and for the time being the leaders of Warner’s labels will report to Mr. Cooper.