Tuesday, May 14, 2013

Edgar Bronfman, Jr. Leaves Warner Music Board

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Glenn Peoples/Billboard

Edgar Bronfman, Jr., former Chairman and CEO of Warner Music Group, has left the company's board of directors, Warner revealed during its Tuesday morning earnings call. No replacement for Bronfman was announced.

Bronfman role on the board was to "focus on the company's strategy and growth opportunities," according to an August 2011 press release. A source close to the situation tells Billboard that Bronfman played an important role in Warner's acquisition of Parlophone from EMI. His departure from the board comes as the Parlophone acquisition is in the regulatory approval phase and appears near its end.

CEO Stephen Cooper thanked Bronfman for his service to the company during the earnings call. "His contributions to this company and the music industry as a whole have been enormous," said Cooper. "Warner Music Group would not be the dynamic, pioneering force we are today without his tireless commitment to the company, its employees and its artists."

Cooper replaced Bronfman as CEO in August 2011 following Warner's May 2011 acquisition by Access Industries. Bronfman was named Chairman in August 2011 but three months later announced he was stepping down as Chairman. He explained in a memo that "other obligations are beginning to take an inordinate amount of time" but he would remain a director of the company.

Bronfman has a number of other duties beyond Warner. He is General Partner at private investment firm Accretive LLC and serves on the board of directors of Accretive Health, Alphastaff, Endeavor Global and InterActiveCorp. He also serves on the boards of New York University Elaine A. and Kenneth G. Langone Medical Center and The Collegiate School.

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