DIGGING DEEP INTO AMERICA

Thursday, September 16, 2010

Renowned Creative Executive Rob Cavallo Named Warner Music Group Chairman

Warner Music Group Corp. announced a new senior management team for Warner Bros. Records. The Warner Bros. Records label group includes the Warner Bros., Asylum, Nonesuch, Reprise and Sire imprints.

Composed of some of the industry's most accomplished creative executives and label operators, the new executive team at Warner Bros. will be Rob Cavallo (currently WMG's Chief Creative Officer), who will serve as Chairman, Todd Moscowitz (currently Executive Vice President of Warner Bros., CEO of WMG's Independent Label Group and President of Asylum Records) who will serve as Co-President and CEO and Livia Tortella (currently Executive Vice President and General Manager of WMG's Atlantic Records) who will serve as Co-President and Chief Operating Officer. Tom Whalley, who has served as Chairman and CEO of Warner Bros. Records since 2001, has decided to leave the company. In addition, given that the new executive structure substantially alters management responsibilities, Diarmuid Quinn has decided that he will be stepping down from his position as Chief Operating Officer of Warner Bros. Records and President of Reprise Records.

In making the announcement, Lyor Cohen, WMG's Vice Chairman and Chairman and CEO, Recorded Music – Americas and the U.K. said, "The new Warner Bros. executive team represents the ideal combination of skills to operate a successful music company in today's radically evolving industry environment. With Rob's creative brilliance, Todd's proven ability to develop and execute new business models and revenue streams and Livia's established track record of building lasting artist careers, we have in place a group of executives who are uniquely positioned to continue to strengthen the reputation of Warner Bros. as an artist-friendly haven with a visionary approach to discovering and nurturing new talent."

"Tom Whalley is one of this industry's most accomplished executives and his contributions to WMG are enormous, having restored Warner Bros. to its leadership position," said Cohen. "Just consider his near-decade of creative and operational success at Warner Bros., including ranking as one of the country's top three labels every year since 2003 and as the country's top label in two of the last five years. Tom embodies a rare combination of great creative instincts with a deep understanding of the music business, and we are privileged to have had him lead Warner Bros."

Cohen stated, "Since joining Warner Bros. in 2001, Diarmuid Quinn has successfully guided the development and marketing of the company's roster, resulting in numerous global artist successes. We wish both Tom and Diarmuid all success."

"I leave here extremely proud of what we've accomplished," said Tom Whalley. "I don't know a more talented group of professionals than the WBR team. After working with them for almost a decade, I'm awed by what they've done and by the roster we've built together. I'll miss them and our amazing artists, and wish them all the best. I'd like to thank both Edgar and Lyor for their leadership and their acceptance of my decision. I also want to thank all of the men and women whom I've had the great privilege to work with at WBR through the years."

Cavallo said, "It is truly an honor to be named Chairman of a company that I've grown up in, that has played such an important role in shaping my career and embodies what it means to be an artist-oriented organization. The team at Warner Bros. has never lost sight of its core mission of serving artists and supporting the creative process. I'm so incredibly proud to have the opportunity to continue the legacy of the many great leaders of this company, from Mo Ostin to Tom Whalley, who exemplify this artist-centric mission in every aspect of their work. With Todd and Livia, and all of the great executives at the company, I'm confident that we can further enhance Warner Bros.' position as the preeminent home for artists, not just with respect to their work in the recording studio, but in all facets of their careers."

Moscowitz said, "Warner Bros. is one of the most respected brands in music, and with that comes a profound responsibility to insure that this company continues to be progressive and innovative in its approach to artist development, and treats its artists as true partners. There's a great entrepreneurial spirit which lies at the foundation of this company, one that is more critical in today's industry environment than ever before. I look forward to enhancing that sense of entrepreneurship and to creating the most effective platform possible to translate Rob's creative vision into global artist successes. I want to thank Tom for his leadership and for helping to make Warner Bros. the remarkable organization that it is today."

Tortella said, "Working at Warner Bros., with its legendary artist roster and its talented employees, is truly a dream come true for me. The Warner Bros. logo stands for the finest music, regardless of genre, and most importantly for a commitment to building artist careers. By supporting Rob's amazing skills as one of our industry's most consistent discoverers and nurturers of talent, I'm confident we can achieve new levels of growth by continuing to focus on long-term artist development. I can't think of a better, more passionate, talented and hardworking group of people to carry out that mission than the team at Warner Bros. Records."

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