NEW YORK, NY, Dec 20, 2005 (MARKET WIRE via COMTEX News Network) -- WEA Corp., Warner Music Group Corp.'s (NYSE: WMG) U.S. sales and
distribution company, announced today a strategic reorganization
intended to better position one of the industry's leading music
distribution companies to seize opportunities presented by an
evolving physical and digital music retail environment and to address
its growing mandate within WMG.
Over the past several years, WEA Corp.'s role as WMG's retail sales
and distribution arm has grown to include the oversight of its leading
independent distribution network, successful incubator initiative,
groundbreaking digital-only label, the e-Commerce group, as well as
the global management and distribution of WMG's digital assets.
In making the announcement, John Esposito, President and CEO of WEA,
said, "It was clear that WEA's expanded mandate required a simplified
and more cohesive management structure in order to better coordinate
among our various business units and maximize opportunities presented
in the rapidly growing digital space. I'm confident these changes
will better serve our customers, label partners and their artists,
and better situate WEA to fulfill our mission to get the right music
in the right place at the right time."
The new WEA structure will encompass four distinct units, each of
which will be led by an experienced WEA executive reporting directly
to Esposito.
-- OPERATIONS AND ADMINISTRATION: This function will be led by Mike Jbara
who has been elevated to Executive Vice President and Chief Operating
Officer. Jbara joined WEA in 1996 and most recently, as Senior Vice
President, Production and Media Operations, oversaw all operational aspects
of the pre-production, production and distribution of WMG content.
-- SALES ANALYSIS, CREDIT AND FINANCE: This function will be led by Matt
Signore who has been promoted to Chief Financial Officer (CFO) and General
Manager. Signore joined WEA in August 2005 as CFO and was previously CFO
and General Manager of Island Def Jam.
-- SALES, MARKETING AND DEVELOPING MARKETS: This function will be led by
Todd Van Gorp who has been promoted to Senior Vice President, Sales and
Marketing. Van Gorp joined WEA in 2003 and most recently was WEA's Vice
President, Field Sales for the Northeast, Southeast and Southwest regions.
-- E-COMMERCE: E-Commerce continues to be led by Adam Mirabella, Senior
Vice President, e-Commerce. Mirabella oversees WEA's team of account
managers who coordinate directly with WMG's digital service providers and
wireless carrier partners. Mirabella joined WEA Corp. in 2003 after
positions at Atlantic Records and Coca-Cola.
Asylum and East West, WMG's incubator labels, and Alternative
Distribution Alliance (ADA) will continue to report directly to
Esposito and are not impacted by today's announcement.
The company also announced the departure of Executive Vice President,
Sales and Marketing, John Madison.
In announcing Madison's departure, Esposito said, "John has been a
valued member of the WEA team, as well as a longtime friend and
trusted advisor. While we're sad to see him go, I'm happy he'll be
joining our mutual friend and former colleague, Jim Caparro at
Entertainment Distribution Company (EDC). We wish John the best of
luck in his new endeavor."
Madison's position will not be filled, and there will be no staff
reductions as a result of today's announcement. The changes
announced today are effective immediately.
About WEA Corp.
WEA Corp. was the first major music distribution company in the U.S.
and has continued to set the standard for sales and marketing in the
music industry for more than thirty years. In addition to the Warner
Bros., Elektra and Atlantic labels, WEA distributes audio and video
releases from Rhino Entertainment, Asylum Records, Word
Entertainment, Time-Life Music, Warner Music Latina and Curb Records,
as well as several other labels. WEA Corp.'s e-Commerce department
works with online and traditional retailers for all commercial,
digital and wireless transactions on behalf of WMG's U.S. labels. The
department develops and delivers sales and marketing programs to
promote WMG's artists to online retailers and other partners.
Headquartered in New York, WEA Corp. has regional offices in Atlanta,
Los Angeles, New York and Minneapolis.
About WMG
Warner Music Group (WMG) became the only stand-alone music company to
be publicly traded in the United States in May 2005. With its broad
roster of new stars and legendary artists, Warner Music Group is home
to a collection of the best-known record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West, Elektra,
Lava, Maverick, Nonesuch, Reprise, Rhino, Sire, Warner Bros. and
Word. Warner Music International, a leading company in national and
international repertoire, operates through numerous international
affiliates and licensees in more than 50 countries. Warner Music
Group also includes Warner/Chappell Music, one of the world's leading
music publishers, with a catalog of more than one million copyrights
worldwide.
Contact:
Amanda Collins
Warner Music Group
(212) 275-2213
SOURCE: Warner Music Group