Warner Music Appoints YouTube, Netflix Veteran As New CEO
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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