Edgar Bronfman, Jr., will step down from his position as chairman of the board at Warner Music Group on January 31st. Earlier this year the executive relinquished his role as the company's CEO. Bronfman, previously the CEO of liquor giant Seagram and vice chairman of Vivendi Universal, will stay on as a board director.
The announcement comes on the heels of last month's sale of EMI in a two-part deal to Sony and Universal. Bronfman had been eager to acquire the rival record company and was said to be disappointed by his inability to forge a deal.
In May, Warner Music was sold to Access Industries for $3.3. billion. After leaving Universal, Bronfman engineered the purchase of Warner Music from Time Warner for $2.6 billion in 2004.