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Warner Music Appoints YouTube, Netflix Veteran As New CEO

Benzinga Real-time News ·  Sep 21, 2022 11:41
  • Warner Music Group Corp (NASDAQ:WMG) appointed Robert Kyncl as the CEO, effective January 1, 2023.
  • In June, CEO and director Stephen Cooper shared his plans to step down. Cooper had served as CEO since 2011.
  • Kyncl currently serves as Chief Business Officer at Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube, where he's been instrumental in its phenomenal growth across all platforms. He has been serving there since 2010.
  • Kyncl spent seven years at Netflix Inc (NASDAQ:NFLX), leading the push into streaming film and TV content.
  • To ensure a smooth leadership transition, Kyncl and current WMG CEO Steve Cooper will serve as Co-CEOs for January 2023.
  • As of February 1, 2023, Kyncl will become the sole CEO of WMG and assume Cooper's board seat on WMG's board.
  • WMG reported second-quarter FY22 revenue growth of 10% year-on-year to $1.376 billion, missing the consensus of $1.38 billion. EPS was $0.18, down from $0.22 last year.
  • Price Action: WMG shares traded lower by 0.35% at $25.61 on the last check Wednesday.
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