In taking over control of Warner Music Group, Access Industries, as expected, is putting its own people in place on the company's board of directors.
Stephen Cooper, a board member at one of the companies that Access Industry has invested in, will serve as chairman of the board, while Len Blavatnik will be vice chairman, according to the documentation supplied to investors for the recently completed $1.065 billion bond offerings, which had three tranches of debentures.
While handing over his role as chairman, Edgar Bronfman Jr. will retain control of running the company as CEO and will also continue to hold a seat on the board.
In addition to Blavtnik, who is chairman of Access Industries and Cooper, a board member at LyondellBasell, a company that manufactures polyolefin materials in which Access hold a 16% stake, other Access executives serving on the board are: Access CEO Lincoln Benet; Access executive VP and vice chairman Alex Blavatnik; Access managing director Donald Wagner; and Jorg Mohaupt, who is involved with Access Industries activities in media and communication sectors.
While the board is shrinking to eight members from the 12 members that it carried when it was owned by the private equity consortium that just sold the company, WMG executives will have a bigger presence on the new board with the addition of Lyor Cohen, who will remain in place as chairman and CEO of Recorded Music, but will step down as WMG vice chairman; and Warner/Chappell Music chairman and CEO Cameron Strang.