Bosses’ musical chairs

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESanta Anita opens winter meet Saturday with loaded card “I am extremely pleased to take on this new leadership role with the company and to continue to help Sony BMG accelerate its tremendous growth and performance,” Lack said. “Rolf and I are fortunate to have a roster of extraordinary artists and a top-notch team of creative executives around the world.” The company operates several labels, including Columbia, RCA, Jive and LaFace, and its artist roster features Aerosmith, Jessica Simpson and Alicia Keys, among others. “With this management change Rolf and Andy are now aligned in positions that will take advantage of the significant progress the company has already made, as well as their formidable business skills and respective management experiences,” Sony Chairman and CEO Howard Stringer said. Bertelsmann CEO Gunter Thielen said Schmidt-Holtz “has impressively proven his flair for the creative and economic aspects of success in the music business.” FRANKFURT, Germany – The chief executive and chairman of the board are trading hats in a shake-up at Sony BMG Music Entertainment, the powerhouse record company behind such pop stars as Britney Spears, OutKast and Travis Tritt. Rolf Schmidt-Holtz, who had been chairman, is replacing CEO Andrew Lack, who becomes chairman of the board. The swap, announced Friday and effective immediately, follows months of criticism of Lack’s tenure as CEO, including investor discontent over spiraling fees paid to artists and a scandal over copy-protection software in Sony CDs. The unit was formed after Sony Music Entertainment and BMG, the music unit of Guetersloh, Germany-based Bertelsmann, formally combined their businesses. Sony and Bertelsmann each own half of the company. Following the change, Schmidt-Holtz will assume overall management responsibility, while Lack “will lead the company’s public policy and industry initiatives, and assume operating responsibility and oversight for the theatrical film business of Sony BMG,” a joint statement said. last_img read more