Laurent Hubert is taking over as chief executive.
Kobalt founder Willard Ahdritz is stepping aside as CEO of the multi-tiered music company, Billboard has confirmed. The Swedish-born exec will transition to chairman and be replaced at the top by current president and chief revenue officer Laurent Hubert, in changes that take effect this week.
Ahdritz told Music Business Worldwide, which first reported the news, that he’ll continue having an active role at the firm and will remain chief investment officer at Kobalt Capital, the company’s investment advisor arm that purchased SONGS Music Publishing in 2017.
Ahdritz founded Kobalt in 2000. Its three divisions -- music publishing, recordings (via AWAL) and neighbouring rights -- collectively represent 25,000 songwriters, 20,000 indie artists and 600 publishers, which, the company claims, accounts for on average 40 percent of the top 100 songs albums in both the U.K. and U.S.