Just days after Warner Music Group announced a major leadership shakeup in its recorded music operation, Julie Greenwald, who was named Chairman of Atlantic Music Group under the new structure, has announced that she will be departing AMG after 20 years.
Greenwald announced her departure during a company town hall on Tuesday (August 6), revealing plans to leave Atlantic Music Group by January 2025, according to multiple reports.
Hits reports that Greenwald will continue in her current role until September 30 and then serve as a consultant through the end of the year.
The news comes as Warner Music Group’s recorded music operation undergoes a significant overhaul of its leadership.
Elliot Grainge, CEO of 10K Projects, has been appointed as CEO of Atlantic Music Group. WMG acquired a 51% stake in 10K Projects for $102 million last year. While Greenwald was initially slated to transition to the role of Chairman at AMG, reporting to WMG CEO Robert Kyncl, she has now reportedly decided to leave the company in January.
Max Lousada, WMG’s CEO of Recorded Music, is also departing at the end of September after after eight successful years in the role, and 20 years at WMG.
WMG’s restructuring will organize the group’s US recorded music operations into two label groups. Atlantic Music Group, under Grainge, will oversee Atlantic Records, 300 Elektra Entertainment, and 10K Projects.
Meanwhile, Warner Records on the West Coast will oversee Warner Music Nashville, Nonesuch, and Reprise.
A major part of the new company restructure will see a “flatter structure” for Warner’s ex-US recorded music operation around the world, said WMG in its announcement last week.
Under this new structure, WMG will neither have the roles of CEO, Recorded Music (Lousada’s current position) nor President, International, Recorded Music.
When WMG announced its organizational shakeup, Greenwald said: “My whole career is about developing baby bands into career artists and empowering our amazing people to change culture in unexpected ways. It’s been twenty years since I walked through the door at Atlantic and began the work of rearchitecting this iconic label.”
“I couldn’t have done it without the deep passion and dedication of my incredible team, and our unbelievable artists, who make music that inspires and moves people everywhere. Finally, I want to welcome Elliot; I’m looking forward to working with him as we continue to place our artists and their music at the heart of this company.”
The developments come six months after WMG said it would be laying off 600 employees worldwide, or 10% of its global workforce, by the end of September.
In a memo sent to staff in February, Greenwald said Atlantic Music Group was making around two dozen layoffs, primarily impacting the label group’s radio and video teams.
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