Tommy Mottola Leaves Sony Music For New Venture

Posted on January 10, 2003

After a 14-year tenure at Sony Music Entertainment, Thomas D. Mottola will leave the company to launch a new venture. Mottola is resigning his positions as Chairman and CEO of Sony Music Entertainment effective immediately. Sony Corporation of America agreed to release Mr. Mottola from the two years he has remaining under his current contract, and announced Andrew Lack, former NBC president, as his successor. Mottola is considered one the most powerful people in music and has been behind the careers of music stars like Mariah Carey, Jennifer Lopez and many others.

"Tommy Mottola has led Sony Music for 14 remarkable years. In that time he has emerged as an icon of the music industry," said Howard Stringer, Chairman and CEO, Sony Corporation of America. "His contributions to our business, his eye for talent and indeed his relationships with the entire artistic community are matchless. We respect his decision to return to his musical roots at such a pivotal time in music history, and expect that he will be enormously successful. He leaves behind a significant roster of talent, an exceptional management team and a legacy to be envied. We are deeply grateful for his contributions to Sony. I know everyone looks forward to his success and to continuing our relationship with him going forward."

The new venture, which is as yet unnamed, is expected to be formed in partnership with Sony Music Entertainment. The new venture will serve as a music label that will also seek out branding opportunities with advertisers. Mottola said that the structure of the new venture is designed to meet the array of opportunities within the changing landscape of the music business.

"I see this as a total entertainment company and a great opportunity to leverage my experience, knowledge and relationships," said Mottola. "With the dramatic shift we have seen in the music industry over the last few years, we need to look for new solutions to create long-term value. I believe consolidating the range of entertainment disciplines in one organization today holds the greatest potential for efficiently realizing artistic vision and commercial success."