New CEO for Sony Music Entertainment

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Sony Music Entertainment, the world’s second-largest record company, will have a new boss in six months, the company said on Tuesday.

Rob Stringer, 54, is a seasoned Sony Music executive and will become CEO in April. He is Sony’s younger brother Body

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former President and CEO, Sir Howard Stringer.

Mr. Stringer currently runs Sony’s Columbia Records label, which is home to stars such as Beyoncé, Bob Dylan and Daft Punk. He will replace Doug Morris, 77, who will remain president of Sony Music, and report to Sony Entertainment CEO Michael Lynton.

The changing of the guard had been scheduled for some time mainly due to Mr Morris’s age, people familiar with the matter said.

Leading Sony Music at the corporate level represents a big change for Mr. Stringer, who is loved by many artists and known for his intuitive decision-making style, industry executives said. He takes the reins as the music industry shows its first signs of significant growth in 17 years, thanks to revenues from booming streaming services such as Spotify AB and Apple Inc.

Apple Music more than offsets the decline in CD sales and downloads. US recorded music revenue grew more than 8% in the first half of this year compared to the period a year earlier, according to the Recording Industry Association of America. But there is still uncertainty as to how many streaming service subscribers charging $ 10 per month may ultimately add up, especially given growing competition from free music sources like Alphabet. Inc.

YouTube, which pays record companies much less per user.

Mr. Stringer cut his teeth as a marketing intern at CBS Records, now part of Sony, in 1985, and rose through the ranks to senior positions at Epic Records and the UK division of Sony Music. He was named president of Sony’s US label group in 2006 and named president of Columbia Records in 2008. Mr. Stringer helped Columbia become one of the most successful record companies in the industry, overseeing the US launch. of Adele’s 2015 album “25,” which has sold more than 9 million copies nationwide, according to Nielsen Music. 2014.

His brother, Howard Stringer, was CEO of Sony from 2005 to 2012, when he was replaced by current leader Kazuo Hirai.

Write to Hannah Karp at [email protected]

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