NEW YORK, NY, Feb 25, 2008 -- Warner Music Group Corp. (NYSE: WMG) announced today a leadership
transition of its digital strategy team. Effective June 1, 2008,
Michael Nash will be promoted to Executive Vice President, Digital
Strategy and Business Development, succeeding Alejandro (Alex)
Zubillaga. In his new role, Nash will be responsible for the company's
worldwide digital strategy and business development activity including
key initiatives driving Internet and mobile commerce, and new
music-based products and services.
Nash has served as WMG's Senior Vice President, Digital Strategy and
Business Development since February 1, 2000. In his new role, he
will report to WMG Chairman and CEO, Edgar Bronfman, Jr. Zubillaga
has agreed to remain with WMG through June 1, 2008 to ensure a
seamless transition. Following his departure from WMG, Zubillaga will
pursue entrepreneurial activities in media and other businesses.
In making the announcement, Bronfman said, "Over the past four years,
WMG has established itself as a leader in the music industry's
transition to the digital era with innovative initiatives at the core
of its corporate strategy. During that critical period, Alex helped
set the company on the right course. Alex has brought a
non-traditional approach to the music business based on his history
as a venture capitalist and in building a successful media company.
Most of all, his talent, imagination and enthusiasm, have been
critical in enabling WMG develop its aggressive, industry-leading
digital strategy. We are sad to see Alex leave but we wish him all
the best in his next endeavors."
Bronfman continued, "We are very pleased to have Michael Nash, one of
the architects of our digital success and a professional of great
experience and talent, assume Alex's role. Over the past eight years,
Michael has demonstrated his ability to find the right opportunities,
create the key partnerships and deliver on the deals that have become
a cornerstone of this company's future. I am confident of his
ability to successfully lead our digital strategy."
Zubillaga said: "Since joining the company, my mission has been to
make WMG the most innovative, experimental and creative major music
company in the digital space. Through numerous groundbreaking
partnerships, we've put in place a strategy that will benefit both
the company and its artists. I leave knowing that Michael is the
ideal executive to lead WMG's digital efforts into the next phase of
growth and beyond. While I am eager to return to my entrepreneurial
roots, I'll miss the phenomenal team at WMG."
"It has never been clearer that digital opportunities are key to the
music industry's future growth," said Nash. "Having worked with new
media and emerging technologies for most of my career, and having
been on the frontlines of WMG's digital efforts for the past eight
years, I am eager to extend the company's digital leadership
position. It has been my great pleasure and privilege to work with
and learn from Alex. I look forward to overseeing the very capable
and dedicated team he has assembled to execute WMG's digital
strategy."
Nash has been labeled a "visionary" by The Atlantic Monthly, and
since joining WMG in 2000, has overseen WMG's new media projects,
strategic relationships and business development activities. Nash has
also played a key role in building WMG's distribution footprint and
partnership portfolio, including important initiatives with AT&T,
Amazon, Google, Microsoft, Motorola, Verizon and Sony Ericsson. In
addition to his responsibilities for driving WMG's worldwide digital
revenues, Nash has focused on development and execution of WMG's
wireless strategy, spearheading deployment of new mobile music
services and establishing a number of industry milestones.
In recent years, WMG has aggressively developed new product and
distribution opportunities in the mobile and online music spaces.
Four years ago, WMG had virtually no digital revenue. In the first
quarter of 2008, WMG's digital revenue of $141 million represented
14% of the company's total revenue and 22% of its total U.S. Recorded
Music revenue. Last year, based on SoundScan data, WMG maintained its
digital leadership with the greatest U.S. digital album share
advantage over physical album share of any of the major music
companies.
Before joining WMG, Zubillaga served as managing director and
co-founder of Lexa Partners LLC, a management venture capital group
based in New York City, where he was responsible for sourcing,
analyzing and managing investment opportunities in the media and
technology sectors. Lexa Partners was part of the investor group
that also included Thomas H. Lee Partners, Bain Capital and
Providence Equity Partners, that purchased Warner Music Group from
Time Warner in 2004. Previously, Zubillaga served as founder,
chairman and chief executive officer of NETUNO, a leading provider of
broadband communication services in Venezuela.
About Warner Music Group
Warner Music Group 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, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, 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.