Warner Music Group rises as it names ex YouTube business chief Robert Kyncl new CEO

Warner Music Group (NASDAQ:WMG) shares rose almost 5% on Wednesday after the streaming music firm named Robert Kyncl, the previous enterprise chief of Google’s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube unit, as its new CEO.

In an announcement, Warner Music Group (WMG) mentioned Kyncl can be the brand new CEO efficient January 1 and he can be a co-CEO together with Steve Cooper for the month. As of February 1, Kyncl would be the firm’s sole CEO and take Cooper’s spot on its board of administrators.

Kyncl thanked Cooper and his crew for positioning Warner Music Group (WMG) to serve artists, songwriters and their followers.

“I’m trying ahead to partnering with Max [Lousada], Man [Moot], Carianne [Marshall], and all the firm’s management, and I thank WMG’s Board of Administrators, Len, and Steve, for this once-in-a-lifetime alternative at this iconic firm,” Kyncl mentioned within the assertion.

The information was first reported by The Wall Avenue Journal, which famous that Warner Music Group (WMG) is seeking to go after an govt with tech business expertise because the music business delves additional into social media, gaming and the metaverse.

Previous to his departure, Cooper had been the CEO of Warner Music Group (WMG) Chief Govt Officer for 11 years. He beforehand mentioned he would step down in 2023.

Late final month, Kyncl mentioned he would go away YouTube after spending greater than 12 years on the firm as an govt.

Funding agency Morgan Stanley lately mentioned Warner Music Group (WMG) shares might shut the hole with its opponents as streaming music seems “extra resilient” than streaming video even with macroeconomic macro headwinds.