Lyor Cohen, the chairman and CEO of Warner Music Group resigned on Monday leaving a mystery as to where he would be headed next. Cohen stated he would stay through the end of September.
According to a source close to Cohen the 52-year-old music mogul, has been secretly developing a talent management company for the past two years while working at Warner. Now he has “decided the time is right to move forward,” the source says.
In a memo to his staff Cohen said “As WMG enters its next chapter, I’m ready to begin mine,” He went on to say “I can’t yet announce what I’ll be doing next; I can only say that it will be something where I can work my entrepreneurial muscles and partner with artists.”
According to the source, Cohen only refers to his new business by a “nonsensical” code name through emails and phone calls.
Many support Cohen’s new business move including a Warner Music insider who said, “He’s never been a corporate guy and his role here was becoming more and more corporate.”
At a press conference earlier this year Lyor Cohen gave insight on the music industry, calling out a few artists who are doing their thing in the game.
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