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Benzinga
Benzinga
Business
Anusuya Lahiri

Warner Music Group CEO Plans To Step Down Next Year

WMG Stephen Cooper Digital Nasdaq Warner Music Group Corp
  • Warner Music Group Corp (NASDAQ: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.
  • Photo Via Company
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