High profile music executive Lyor Cohen announced earlier in the week his resignation as chairman/CEO of Warner Music Group (WMG). Now, news surfaces of his next venture.
According to the New York Daily News, the music executive has been secretely developing a talent management over the past two years while at WMG. Now, with his departure from WMG, he’s “decided the time is right to move forward.”
“As WMG enters its next chapter, I’m ready to begin mine,” Cohen hinted in an internal memo to staffers. “I can’t yet announce what I’ll be doing next; I can only say that it will be something where I can work my entrepreneurial muscles and partner with artists.”
The source said the goal for the company is to “bridge the gap between label and management” and assist bands and record companies working closer together. However, Cohen has been extremely private about his new business venture that he only refers to it by a “nonsensical” code name in emails and phone calls.
Cohen joined Warner in 2004 after its acquisition from AOL Time Warner, and was recruited by former CEO Edgar Bronfman Jr. Prior to that, he was chief executive at Universal Music Group’s Island Def Jam and a co-founder of Rush Management, along with Russell Simmons.
News of his resignation from WMG was announced on Monday (September 24).