Warner Music Group today announced Christian Tattersfield will step down from his role as CEO, Warner Music UK and co-chairman, Warner Bros. Records UK in February 2014 and that Max Lousada, chairman of Atlantic Records UK, has been named his successor.
Lousada and Tattersfield will work as co-CEOs with immediate effect and will report directly to Stephen Cooper, CEO, WMG. Lousada will combine his new role with his existing responsibilities as chairman, Atlantic Records UK.
Miles Leonard, chairman of Parlophone Records and co-chair of Warner Bros. Records UK, will take full responsibility of Warner Bros. UK following Tattersfield’s departure, reporting to Lousada.
“Christian’s tenure as leader of Warner Music UK has been an extremely impressive one,” Stephen Cooper said in a statement. “As well as guiding the company through on-going commercial success, he has fostered a culture of excellence in artist development that will continue to shape our future,”
Though Tattersfield gave no indication as to his specific plans, in a statement he said, “the time is right for me to focus on the kind of entrepreneurial projects that I have pursued since I started out in the industry.”
Tattersfield was appointed CEO, Warner Music UK and chairman, Warner Bros. Records UK in August 2009, assuming responsibility for the full portfolio of Warner Music’s labels in the UK. Under Tattersfield’s leadership, Warner Music developed successful UK signings such as Ed Sheeran and Lianne La Havas while furthering the careers established UK acts like Muse, Plan B, Paolo Nutini and helping to secure the UK success of US-signed acts such as Bruno Mars, Michael Bublé, Green Day and Linkin Park.
Max Lousada has run Atlantic Records UK since 2004 and built an artist roster that included Plan B, Ed Sheeran, Birdy, Rudimental, Paolo Nutini, James Blunt and others. Lousada also presided over the UK success of Atlantic's international roster which includes acts such Bruno Mars, fun., Paramore, Flo Rida, Jason Mraz and Janelle Monáe.
“Max’s achievements at Atlantic UK have been remarkable,” Cooper stated. “Artists that have emerged under his stewardship are among the most successful British acts in recent years, not only in the local market but on the world stage.”
Warner Music Group, the globe's third largest major label behind Universal Music and Sondy, saw its red ink nearly double in its last quarterly earnings statement posting a $63 million net loss on revenues of $663 million for the fiscal quarter ended June 30, 2013. But within the red ink, there was positive signs of as sales increased 1.8% while operating income before depreciation and amortizing also showed a slight improvement to $69 million from the $66 million produced in the corresponding period last year, representing a 4.5% increase.
The company closed on its acquisition of Parlaphone on July 1 and shortly after Tattersfield was named company CEO, WM U.K. and co-chairman of Warner Bros. Records U.K. and Leonard was named co-chair of Warner Bros. Records U.K. while continuing his responsibilities as chairman, Parlophone, reporting to Tattersfield.