By Emmanuel Legrand
Warner Music Group's Board of Directors is going through changes: Thomas H. Lee, who has been sitting on the company's Board for the past 17 years is stepping down, to be replaced by Nancy Dubuc, Chief Executive Officer of VICE Media Group.
In 2004, Lee led the investor's group which purchased the world's third largest music company from Time Warner. The company is currently owned by Len Blavatnik's Access Industries and has successfully executed an IPO in March 2020.
Lee has been given the title of Director Emeritus in recogntion of "his many contributions to Warner Music Group."
Unprecedented growth
Lee said: “Warner Music Group has undergone an extraordinary evolution over the past 17 years. It’s been gratifying to help the company drive its transformation and deliver unprecedented growth. I’m honored that Len and the Board have asked me to continue to serve the company for which I have such admiration.”
Dubuc joins WMG's Board of Directors, and has also been named chairperson of the Audit Committee and a member of the Executive Committee. Prior to joining VICE, Dubuc served as President and Chief Executive Officer of A+E Networks.
“Nancy is an exceptional addition to the Board," said Blavatnik. "Her experience in visual and digital media, combined with her knowledge of youth culture and the entertainment market, make her well suited to help guide WMG’s growth."
A progressive company
Blavatnik also thanked Lee "for his many years of valuable service on the Board, and I’m pleased that we’ll be able to call on his expertise in the future.”
Dubuc commented: “Music now lives in many different forms, across cultures, technologies, and media. Warner’s dynamic, global approach to creativity and commerce, along with the powerful value proposition it offers artists and songwriters, make it a truly progressive and exciting company. I’m looking forward to working with everyone on the Board to help chart the years ahead.”
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