The Warner Music Group (NASDAQ: WMG) executives leading its Recorded Music and Atlantic Music Group units will step down, the record label conglomerate behind artists such as Radiohead, AC/DC, and Madonna said on Thursday.
Max Lousada, CEO of Recorded Music, will leave the company after 20 years with the group, Warner said. As part of the reorganization, the unit will no longer have the roles of chief or president.
Julie Greenwald will step down as CEO of Atlantic Music Group, with Elliot Grainge preparing to take over the role on October 1. Greenwald will become chairman of the unit.
The reorganization comes as the company tries to cut costs by combining or disposing of its non-core media properties. Earlier this year, Warner Music (NASDAQ: WMG) said it intends to cut about 10% of its workforce.
(Source: ReutersReuters)
