Warner Music Group Chairman Edgar Bronfman Jr., who stepped down as CEO earlier this year, announced to the company's staff in a memo today that he's relinquishing the chairman role as well. WMG, of course, was sold to Len Blavatnik's Access Industries for $3.3 billion in May.
Below see the text of Bronfman and Blavatnik's (respectively) memos to the company today.
We're approaching year-end. Once again, your progress has been extraordinary.
I wanted to let you know that, 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. However, I will remain a director of the company and in that way, continue my association with Warner Music and its extraordinary people. It has been a unique and special privilege and honor for me to have worked alongside you. Thank you again for all the support, commitment and determination you have given to WMG and to me, as we worked together to transform our business.
I've said this before, but let me say it again: I am so proud of everything that the people of WMG have accomplished. I'm so appreciative of your willingness to embrace new ideas, and the constant energy you dedicated to transforming this company, year-after-year. In fact, Warner Music will always be a very special place for me, and my time as CEO is one of the fondest experiences I've ever had and one that I will always cherish.
Looking forward, your commitment to the development of our recording artists and songwriters remains this company's greatest strength, and we have much to accomplish in the months and years to come. And with an ownership group that is positioned to take a long-term view of the company's growth strategy and artists' careers, I have no doubt there are exciting opportunities that lie ahead.
May you and yours enjoy a very happy and healthy holiday season.
I wanted to add my voice to Edgar's note. The more I get to know the many employees of this company and see the quality of your work, the more optimistic I am about the future and the things we can accomplish together.
Today, I also write to thank Edgar for all that he's done for the company, and all that he will do in the years to come. His leadership, counsel and guidance have been-and will remain-invaluable.
When I joined WMG's Board in 2004, I watched Edgar take a neglected division of Time Warner and turn it into a paradigm of how a traditional media company could redefine itself for the digital age with a culture celebrating innovation and collaboration.
It was his vision in transforming WMG into a progressive, modern music company that made WMG so attractive to Access. Given that vision and his years of expertise in the industry, as a director at WMG, he will continue to be an important part of our leadership and I look forward to his many future contributions.
As we move into the beginnings of the holiday season, I wish all of you the very best… and may we all enjoy an outstanding 2012.