Dear Partners,

Today we are making an important announcement about the leadership of Warner Bros. Records: after nearly a decade, Tom Whalley and Diarmuid Quinn are stepping down and will be succeeded by a team of new leaders Rob Cavallo, Todd Moscowitz and Livia Tortella.

I don’t need to tell you how much Tom has meant to Warner Bros. and WMG over the past nine years. Just look at how Warner Bros. has performed and how well-positioned it is for the future. Under Tom’s management, Warner Bros. regained its leadership position. It has achieved # 1 status in the U.S. in Total Album share twice in the last five years. It has ranked among the top three in U.S. labels every year since 2003.

Even more importantly, Warner Bros. has accomplished its creative and operational successes the right way by always putting artists at the center of what it does. So much of that comes from the fact that Tom is one of our industry’s great executives with incredible A&R and business instincts. As a result, today’s Warner Bros. is a haven for established and developing artists and that has led to the label’s outstanding achievements these past few years. Diarmuid’s contributions at Warner Bros. and, in particular, to Reprise have also played a critical role in the company’s success. Tom and Diarmuid leave us in an enviable position and for that we owe them an enormous debt of gratitude.

I’m extremely excited about each of the members of Warner Bros.’ new executive team. Their strengths are totally complementary to one another and I’m confident they are going to embody the artist-centric and innovative spirit that is at the core of Warner Bros.’ DNA.

As Chairman, Rob will set the tone from the top. He is not only one of the top-selling producers in the world, but his musical roots are at Warner Bros. where he started his career as an intern 23 years ago. From his history, he knows the culture and what makes Warner Bros. such a special place. With his guidance, we will continue to achieve artist-focused success that is aimed at creating lasting careers and music that endures for generations.

Todd will serve as Co-President and Chief Executive Officer of Warner Bros. He brings his entrepreneurial expertise and thoughtful business approach to the team, having served as Executive Vice President of Warner Bros., CEO of WMG’s Independent Label Group and President of Asylum Records. As a manager, Todd will be particularly adept in implementing new business models, successfully executing against our 360 deals and creating a first-class delivery system for the talent that Rob will source and develop.

Livia Tortella will serve as Warner Bros.’ Co-President and Chief Operating Officer. Liv’s star has shone bright in the hugely successful revitalization of Atlantic, where she served as GM and Executive Vice President. She understands every aspect of the music business having started her career in A&R and as a product manager, then over the past 10 years helping to develop the careers of artists from Paramore to Kid Rock. Most recently Liv helped Atlantic launch a series of label ventures, in addition to focusing on artist development first and foremost, but also providing invaluable leadership in the label’s business and digital product development initiatives.

Combining the greatest strengths of each of these executives Rob’s creativity, Todd’s business vision and Liv’s operational excellence into a unified, artist-focused triumvirate working with the rest of our outstanding team at Warner Bros. Records as well as with WMG will yield extraordinary results. I can’t wait to see what they and you are all going to accomplish together.

Here is a link to today’s press release for further details.

Please join me in celebrating Tom’s and Diarmuid’s contributions to Warner Bros., and also in congratulating the new team Rob, Todd and Liv. Thank you, all.