After helping to sell it, Warner Music Group Vice Chairman of Strategy and Operations Michael Fleisher is leaving the company.
Fleisher was the main executive at WMG overseeing the auction that resulted in a $3.3 billion bid from Access Industries to buy the company. That offer still needs shareholder and regulatory approval, and is expected to close in the third quarter this year.
In a statement, Fleisher said that with the signing of the deal, "I have made the decision that now is the right time for me to leave the company to return to a leadership role in a growth-stage venture."
Fleisher joined the WMG in 2005 as CFO, and played a prominent role in the company's initial public stock offering. At the time, Michael was not only responsible for our worldwide financial operations, he also played a prominent role in the initial public offering of the company's stock.
He held his position as CFO through September 2008 when he became vice chairman. In a note to the company staff, WMG chairman and CEO Edgar Bronfman Jr. said, "Two-and-a-half years ago, I asked Michael Fleisher to take on the role of vice chairman of strategy and operations. Specifically, I invited him to oversee our global corporate strategy and the transformation of our business models and operational processes. The results have been excellent. Today, WMG is recognized as one of the most forward-looking music companies and is well-positioned for long-term success."
Bronfman thanked Fleisher for his contribution, which also including him coordinating with Goldmans Sachs and AGM Partners on what turned out to be a text-book run auction for WMG. That process yielded at least 10 suitors much to the surprise of music industry naysayers.