BeeJayMj
2
December 9, 2002
"Tommy Mottola Steps Down As Sony CEO"
Sony Music Corporation has agreed to release Tommy Mottola from his contract as
the current chairman and CEO of Sony Music two years earlier than expected.
After 14-years of service with Sony Music Entertainment, Mottola is stepping
down to launch a new music venture which has yet to be named. Over the past
year, Sony has struggled with increasing sales declines, incurring operating
losses exceeding $100 million dollars. Rumors that Mottola was leaving Sony
have been circulating for months now.
"I have been thinking about taking up this new challenge for about a year, and
really made the decision to go forward only recently," Mottola said in a
statement.
"I am thrilled that I will continue my long-standing relationship with Sony to
create a company that I believe will become a blueprint for the music business
in the coming years," he added.
After Sony acquired then-CBS Records in 1988 and replaced Walter Yetnikoff with
Mottola, it is believed that Mottola was instrumental in helping launch such
artists as Mariah Carey, Jennifer Lopez, Ricky Martin, Pearl Jam, Maxwell and
John Mayer, while continuing to build the careers of superstars Dion, Bob Dylan,
Bruce Springsteen, Dixie Chicks, Billy Joel, Barbra Streisand, Michael Jackson
and Tony Bennett.
"Tommy Mottola Steps Down As Sony CEO"
Sony Music Corporation has agreed to release Tommy Mottola from his contract as
the current chairman and CEO of Sony Music two years earlier than expected.
After 14-years of service with Sony Music Entertainment, Mottola is stepping
down to launch a new music venture which has yet to be named. Over the past
year, Sony has struggled with increasing sales declines, incurring operating
losses exceeding $100 million dollars. Rumors that Mottola was leaving Sony
have been circulating for months now.
"I have been thinking about taking up this new challenge for about a year, and
really made the decision to go forward only recently," Mottola said in a
statement.
"I am thrilled that I will continue my long-standing relationship with Sony to
create a company that I believe will become a blueprint for the music business
in the coming years," he added.
After Sony acquired then-CBS Records in 1988 and replaced Walter Yetnikoff with
Mottola, it is believed that Mottola was instrumental in helping launch such
artists as Mariah Carey, Jennifer Lopez, Ricky Martin, Pearl Jam, Maxwell and
John Mayer, while continuing to build the careers of superstars Dion, Bob Dylan,
Bruce Springsteen, Dixie Chicks, Billy Joel, Barbra Streisand, Michael Jackson
and Tony Bennett.