WARNER MUSIC GROUP ANNOUNCES REORGANIZATION OF RECORDED MUSIC OPERATIONS
Rhea-AI Summary
Warner Music Group (WMG) has announced a reorganization of its Recorded Music operations, aimed at strengthening artist services and creating more direct channels between local expertise and global opportunities. Key changes include:
1. Max Lousada, CEO of Recorded Music, will step down at the end of the fiscal year after 20 years with WMG.
2. Julie Greenwald will transition to a new role as Chairman of Atlantic Music Group.
3. Elliot Grainge will become CEO of Atlantic Music Group, effective October 1, 2024.
4. A new, flatter structure will elevate creative regional leadership, with regional and divisional leaders reporting directly to WMG CEO Robert Kyncl.
5. The company will strengthen its central global operations in distribution, Global Catalog, Marketing, and WMX.
Positive
- Reorganization aims to strengthen artist services and create more direct channels between local expertise and global opportunities
- Elliot Grainge, founder of successful 10K Projects, becomes CEO of Atlantic Music Group
- Flatter structure elevates creative regional leadership
- Strengthening of central global operations in distribution, Global Catalog, Marketing, and WMX
- Acquisition of majority stake in 10K Projects, bringing in new talent and expertise
Negative
- Departure of Max Lousada, CEO of Recorded Music, after 20 years with the company
- Elimination of CEO, Recorded Music and President, International, Recorded Music roles
News Market Reaction
On the day this news was published, WMG declined 2.65%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
After Two Highly Successful Decades at WMG, Max Lousada Announces Decision to Step Down at End of Fiscal Year
Creative Regional Leadership to Be Elevated Through Flatter Structure;
Greater Impact Through Globalized Services
Elliot Grainge Becomes CEO of Atlantic Music Group at Beginning of Fiscal Year 2025; Julie Greenwald to Take New Role as Chairman of Atlantic Music Group
As part of this reorganization, Max Lousada, CEO, Recorded Music, has decided to step down at the end of the fiscal year (September 30), after eight highly successful years in the role, and 20 years at WMG. Lousada will remain as an advisor through January 31.
At the same time, Julie Greenwald has begun a leadership transition, which will see her take on a new role as Chairman, Atlantic Music Group, reporting to Robert Kyncl, WMG CEO. Effective October 1, Elliot Grainge, 10K Projects Founder & CEO, will become CEO of Atlantic Music Group, reporting to Kyncl. Continuing the tradition of independently minded entrepreneurs joining WMG, Grainge became part of the global senior management team last year, after the company acquired a majority stake in his trailblazing label.
Effective October 1, the new, flatter structure will elevate creative regional leadership, supported by global services, delivering maximum impact for artists on the world stage. WMG's Recorded Music regional and divisional leaders will report directly to Kyncl. In the new structure, WMG will neither have the roles of CEO, Recorded Music nor President, International, Recorded Music.
Europe ,Middle East ,Africa (EMEA) - will be overseen by seasoned exec Simon Robson. TheUK &Ireland group will now be part of European operations.Latin America (LATAM) - including WM Latina, will continue to be run by Alejandro Duque, who has made a big impact on the region since joining WMG in 2021.Asia Pacific (APAC) - a leader will be appointed to the newly created position overseeing the entire APAC region.- US - will be organized in two label groups. Atlantic Music Group, to be run by Elliot Grainge as CEO, already includes Atlantic Records and 300 Elektra Entertainment – and will now also encompass recently acquired 10K Projects, while continuing to benefit from the creative expertise of A&R legend Craig Kallman. Warner Records, which has enjoyed a resurgence under Tom Corson & Aaron Bay-Schuck – will now include oversight of Warner Music Nashville, along with Nonesuch and Reprise.
At the same time, Warner Music Group is strengthening its central global operations in order to create new opportunities for artists and drive additional revenue across distribution (via ADA), Global Catalog, Marketing, and WMX (including merchandising and Direct To Fan). As a result, effective October 1, the respective heads of those divisions will report to Kyncl.
Robert Kyncl said: "On behalf of everyone at WMG, I'd like to thank Max for his extraordinary achievements over the last twenty years. Max is a true artists' champion, who created a culture that puts artistry first, growing our global reach and building a roster of incredible talent and an outstanding team. I'm grateful that he'll be helping to ensure a smooth transition."
He added: "I'm very happy to promote Elliot to his new position, and delighted that Julie will be taking on her new role, both of them working with Craig, as we take this iconic label to even greater heights. Elliot has been a stellar addition to WMG's leadership team, with a distinctive approach to artist development. We have an amazing bench of creative leaders, and I'm looking forward to working more closely with them, as we collaborate on the company's next phase of creative excellence, commercial transformation, and growing revenues. At a time when global culture moves at the speed of light, we're doubling down on great artists and diverse music scenes, empowering our talent and team to have maximum impact."
Max Lousada said: "Over the past two decades, we created something special together at Warner: a music company built for artists, where original voices are championed, where their creativity is honored and protected, and where superstar careers are ignited. I'm proud to have grown a world-class team who share that vision and whose enterprise and energy have brought in new labels, rebuilt iconic brands, expanded our global network, and pioneered new fan experiences. The music business has always been about evolution, and the time has come for me to build something new. I'll be helping the team through this transition, and I have no doubt they'll continue to develop artists who move the world."
Julie Greenwald said: "My whole career is about developing baby bands into career artists and empowering our amazing people to change culture in unexpected ways. It's been twenty years since I walked through the door at Atlantic and began the work of rearchitecting this iconic label. I couldn't have done it without the deep passion and dedication of my incredible team, and our unbelievable artists, who make music that inspires and moves people everywhere. Finally, I want to welcome Elliot; I'm looking forward to working with him as we continue to place our artists and their music at the heart of this company."
Elliot Grainge said: "It will be a huge honor to join such a legendary label group, partner with its iconic artists, and build on the extraordinary achievements of Julie and Craig - they're leading a second golden age at Atlantic Records. I'm excited to work with the talented team at Atlantic Music Group to take the artists and the brand into fresh territory, and continue to nurture 10K's artists and its unique spirit. Together, we'll pioneer powerful opportunities for the creative community and raise up a new generation of superstars. In the meantime, I'd like to thank Max for his faith in me and Robert for trusting me with this great responsibility."
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Max Lousada
Among the many artists that have flourished during Lousada's leadership are superstars such as Ed Sheeran, Bruno Mars, Dua Lipa, Coldplay, David Guetta, Megan Thee Stallion, Myke Towers, and Diljit Dosanjh. Throughout his tenure, WMG's recorded music operation strengthened its global footprint, expanding into major markets such as
Julie Greenwald
Since joining Atlantic 20 years ago, Greenwald has been integral to the success of top artists such as Cardi B, Brandi Carlile, Kelly Clarkson, Coldplay, Jack Harlow, Lil Uzi Vert, Lizzo, Charli XCX, Kehlani, Bruno Mars, Janelle Monáe, Panic! at the Disco, Charlie Puth, Ed Sheeran, Tiësto, Rob Thomas, Twenty One Pilots, and Wiz Khalifa, among many others, as well as award-winning projects such as Barbie the Album and the Original Broadway Cast Recordings of
Elliot Grainge
Grainge joined WMG last year, after the company acquired a majority stake in his trailblazing label, 10K Projects. 10K Projects has discovered and developed new superstars and fast-rising names, including alt-pop sensation Artemas, rap stars Ice Spice, Trippie Redd, and 6ix9ine, No.1 Christian artist Forrest Frank, pop duo Surfaces, as well as exciting talent like Aitch, YTB Fatt, and COIN. Grainge was also behind the signing of XXXTENTACION in 2016. In just seven years, 10K Projects' team of expert digital marketers has been behind countless commercial and cultural hits, including over 30 platinum-certified singles. In 2022, Grainge struck a deal to bring Homemade Projects into the fold, which encompasses a record label, influencer management, and merchandise operation.
About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, Elektra, Erato, First Night, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Music Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. In addition, WMG counts film and television storytelling powerhouse Warner Music Entertainment among its many brands. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.
Media Contact
James Steven
James.Steven@wmg.com
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SOURCE Warner Music Group Corp.
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