After the sales of both Warner and EMI, Warner Chairman Edgar M. Bronfman Jr. has confirmed his expected resignation. The announcement comes on the heels of last month’s sale of EMI in a two-part deal to Sony and Universal. Bronfman intended to acquire the rival record company and was said to be disappointed by his inability to forge a deal.
“As my other obligations are beginning to take an inordinate amount of time, I have asked to step down as WMG’s board chairman, effective January 31, 2012,” Bronfman told staff. “However, I will remain a director of the company and in that way, continue my association with Warner Music and its extraordinary people.”
Bronfman bought the company from parent Time Warner in 2004, taking over as CEO. He sold it in May to Len Blavatnik’s Access Industries and switched from his CEO position to chairman in August. Stephen Cooper succeeded Bronfman as chief executive.
Source: Rolling Stone