Columbia Records has promoted Stephen Russo to Executive Vice President and Chief Financial Officer.
In his new role, Russo will report to Rob Stringer, Chief Executive Officer of Sony Music Entertainment.
Russo will continue to oversee Columbia’s finance and operations, marketing financial planning, release planning, touring & events, and digital production functions.
“Steve has played an indispensable leadership role in all of Columbia’s financial and operational functions for many years,” stated Stringer.
“He possesses a unique vantage point for seeing the big picture and the exceptional ability to strategically navigate today’s diverse marketplace on behalf of the label. Columbia Records joins me in congratulating Steve on this well-deserved promotion.”
Russo said, “I’d like to thank Rob Stringer and Kevin Kelleher for their support and leadership, and for extending me the continued privilege of being associated with the most iconic record label in the business.
“It’s truly an honor to be part of a team responsible for serving our artists and bringing some of the most prolific music recordings in the world to the consumer public.”
“Steve possesses a unique vantage point for seeing the big picture and the exceptional ability to strategically navigate today’s diverse marketplace on behalf of the label.”
Rob Stringer, Sony Music
Since Stringer was elevated to CEO of Sony Music in April, the role of Columbia boss has remained vacant (Stringer was previously CEO and Chairman of the label).
At one point, rumors suggested that Warner Music’s Max Lousada was on Stringer’s shortlist to take the top Columbia job – before Lousada was named global CEO of recorded music at WMG.
Whoever does eventually take the hotseat at Columbia will be working alongside Russo, who was previously Senior Vice President, Finance & Operations/Chief Financial Officer at the label.
Russo has worked at Sony Music for 23 years.
He joined Columbia in 2005 as Vice President, Finance & Operations before being promoted to SVP in 2010.
He was named Chief Financial Officer by the label in 2015.
Russo originally joined Sony in 1994, after working at Ernst & Young as an audit professional in the service firm’s Media & Entertainment practice.Music Business Worldwide