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Warner Music Group chief executive, Lyor Cohen, is reportedly resigning from his post by the end of September, the company announced Monday (September 24).
According to the Associated Press, the 52-year-old music industry veteran told artists and employees in a statement to "'keep on keepin' on' in the tradition of a company that respects and honors the artistic community."
Warner Music CEO Stephen Cooper also added that Cohen expressed a "desire to move on to his next challenge."
No reason was given for his departure, but the New York Times says he had been negotiating a new contract. In 2011, Cohen earned nearly $11 million in total compensation, more than any other employee, according to Warner's annual report.
Also last year, New York-based Warner Music was taken private by billionaire Len Blavatnik for $1.3 billion
Cohen has a storied history in the music biz. He began as a road and tour manager for Run-DMC during the early to mid-1980s, before eventually becoming president of Def Jam Records in 1988, which he helped rise to prominence and take hip-hop music to new heights. He eventually left, and joined WMG.
He was credited with restructuring the division after joining Warner in 2004, and led the transition to digital sales from CDs and other physical formats.
