Warner Music Group CEO Plans To Step Down Next Year

June 22, 2022 1:40 PM | 1 min read |

Warner Music Group Corp WMG disclosed planning for the succession of CEO and director Stephen Cooper.
WMG expects the transition to happen by the end of 2023.
Cooper has served as CEO since 2011.
He will continue to serve as CEO and director until his successor is appointed.
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.
Recorded Music revenue grew 8% Y/Y to $1.15 billion. Music Publishing increased 20% Y/Y to $230 million, and Digital grew 8% Y/Y to $931 million.
Adjusted OIBDA margin decreased 50 bps to 19.9% due to revenue mix and growth of lower-margin revenue streams.
Price Action: WMG shares traded lower by 0.90% at $25.16 on the last check Wednesday.
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