Simply days after Warner Music Group introduced a main management shakeup in its recorded music operation, Julie Greenwald, who was named Chairman of Atlantic Music Group below the brand new construction, has introduced that she shall be departing AMG after 20 years.
Greenwald introduced her departure throughout an organization city corridor on Tuesday (August 6), revealing plans to go away Atlantic Music Group by January 2025, in keeping with a number of experiences.
Hits experiences that Greenwald will proceed in her present function till September 30 after which function a guide by way of the top of the yr.
The information comes as Warner Music Group’s recorded music operation undergoes a major overhaul of its management.
Elliot Grainge, CEO of 10K Initiatives, has been appointed as CEO of Atlantic Music Group. WMG acquired a 51% stake in 10K Initiatives for $102 million final yr. Whereas Greenwald was initially slated to transition to the function of Chairman at AMG, reporting to WMG CEO Robert Kyncl, she has now reportedly determined to go away the corporate in January.
Max Lousada, WMG’s CEO of Recorded Music, can also be departing on the finish of September after after eight profitable years within the function, and 20 years at WMG.
WMG’s restructuring will set up the group’s US recorded music operations into two label teams. Atlantic Music Group, below Grainge, will oversee Atlantic Data, 300 Elektra Leisure, and 10K Initiatives.
In the meantime, Warner Data on the West Coast will oversee Warner Music Nashville, Nonesuch, and Reprise.
A serious a part of the brand new firm restructure will see a “flatter construction” for Warner’s ex-US recorded music operation around the globe, mentioned WMG in its announcement final week.
Underneath this new construction, WMG will neither have the roles of CEO, Recorded Music (Lousada’s present place) nor President, Worldwide, Recorded Music.
When WMG introduced its organizational shakeup, Greenwald mentioned: “My entire profession is about growing child bands into profession artists and empowering our wonderful folks to alter tradition in sudden methods. It’s been twenty years since I walked by way of the door at Atlantic and commenced the work of rearchitecting this iconic label.”
“I couldn’t have achieved it with out the deep ardour and dedication of my unbelievable group, and our unbelievable artists, who make music that evokes and strikes folks in every single place. Lastly, I wish to welcome Elliot; I’m trying ahead to working with him as we proceed to position our artists and their music on the coronary heart of this firm.”
The developments come six months after WMG mentioned it might be shedding 600 workers worldwide, or 10% of its world workforce, by the top of September.
In a memo despatched to employees in February, Greenwald mentioned Atlantic Music Group was making round two dozen layoffs, primarily impacting the label group’s radio and video groups.
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