Warner Music Group rises as it names ex YouTube business chief Robert Kyncl new CEO
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Warner Music Group (NASDAQ:WMG) shares rose nearly 5% on Wednesday after the streaming music company named Robert Kyncl, the former business chief of Google's (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube unit, as its new CEO.
In a statement, Warner Music Group (WMG) said Kyncl would be the new CEO effective January 1 and he would be a co-CEO along with Steve Cooper for the month. As of February 1, Kyncl will be the company's sole CEO and take Cooper's spot on its board of directors.
Kyncl thanked Cooper and his team for positioning Warner Music Group (WMG) to serve artists, songwriters and their fans. 
"Iâm looking forward to partnering with Max [Lousada], Guy [Moot], Carianne [Marshall], and all of the companyâs leadership, and I thank WMGâs Board of Directors, Len, and Steve, for this once-in-a-lifetime opportunity at this iconic company," Kyncl said in the statement.
The news was first reported by The Wall Street Journal, which noted that Warner Music Group (WMG) is looking to go after an executive with tech industry experience as the music industry delves further into social media, gaming and the metaverse.
Prior to his departure, Cooper had been the CEO of Warner Music Group (WMG) Chief Executive Officer for 11 years. He previously said he would step down in 2023.
Late last month, Kyncl said he would leave YouTube after spending more than 12 years at the company as an executive.
Investment firm Morgan Stanley recently said Warner Music Group (WMG) shares could close the gap with its competitors as streaming music looks "more resilient" than streaming video even with macroeconomic macro headwinds.