Concord, the US-headquartered music rights company, has confirmed that its long-time CEO, Scott Pascucci, is leaving the role as part of a management re-organization.
Succeeding Pascucci as Concord CEO from July 1 will be Bob Valentine, the company’s current President who has worked at Concord for over 18 years.
Elsewhere at the company, Concord’s Chief Label Officer, Tom Whalley, will – like Pasucci – step down from his current position on June 30, 2023.
Pascucci will remain a member of Concord’s Board of Directors and both Pascucci and Whalley will be inaugural members of a newly formed Concord Advisory Board along with Jake Wisely, Concord’s former Chief Publishing Officer.
Whalley will also continue his day-to-day involvement in Loma Vista Recordings, his label JV with Concord.
Today’s news marks the second announced exit of a ‘mini-major’ CEO this month, following the confirmation that BMG‘s Chief Exec, Hartwig Masuch, will be leaving that role at the end of 2023, succeeded by Thomas Coesfeld.
(BMG and Concord have comparable levels of turnover, although the Bertelsmann-owned company is the larger of the two: Concord is believed to generate around USD $600 million of revenue annually, while BMG generated EUR €371 million in the first half of 2022.)
Scott Pascucci joined Concord in 2013 when Bicycle Music and Wood Creek Capital acquired Concord Music Group.
Prior to Concord, he served on the Board of Directors of Bicycle Music; was COO of Exclusive Releasing (an independent film company); President of Rhino Entertainment/Warner Strategic Marketing (a division of Warner Music Group); and Co-Chair of Frank Sinatra Enterprises; and a business affairs executive at Sony Music. Before entering the music industry, Pascucci was a bond trader at Morgan Stanley.
Discussing his departure from the CEO role at Concord, Pascucci said: “I started my career in the music business 30+ years ago for the simple reason that I love music, and I discovered along the way that I enjoy building businesses and leading teams of people.
“I am proud of all that we have accomplished. I look forward to continuing on the Board of Directors, to help guide the Company forward under Bob’s leadership, while also having more time to focus on my interests in film and social impact initiatives.”
Scott Pascucci, Concord
“Thanks to Brett Hellerman, I was given the opportunity to do all of those things at Concord. In 10 years, we have built a company that matters in the music industry, a place that cares about its employees, artists and writers, and that is well-positioned for the future. I am proud of all that we have accomplished. I look forward to continuing on the Board of Directors, to help guide the Company forward under Bob’s leadership, while also having more time to focus on my interests in film and social impact initiatives.”
Pascucci continued: “I truly appreciate the unwavering support and guidance of Jon Rotolo, Steve Smith and Alex Thomson, and the exceptional commitment of the entire Concord team. I would also like to express my sincere thanks to Tom Whalley and Jake Wisely, both for sharing the vision for Concord and for agreeing to join me as founding members of the new Concord Advisory Board.”
Bob Valentine joined Norman Lear’s Act III Communications in 1999 when it acquired Concord Records.
In 2001, Valentine joined Fox Entertainment’s television business development group, but returned to Concord four years later to become CFO. He served in that capacity until 2021, when he was named President of Concord. Valentine started his career as a financial analyst in Morgan Stanley’s investment banking division.
Valentine commented today, “I have had the privilege of helping to build Concord into the company that it is today ever since Norman Lear and his business partner Hal Gaba had the extraordinary foresight to buy a small, independent jazz record label in the same year that Napster was invented. The journey since then has been scary, thrilling, surprising, and incredibly rewarding.
“Scott has led Concord through an immense amount of growth and change over the last decade, and I couldn’t be prouder of the company that he and Tom have helped to flourish. I’m excited to lead Concord’s next chapter, and I’m happy that Scott and Tom will continue to provide their insights and advice along the way.”
“I’m excited to lead Concord’s next chapter, and I’m happy that Scott and Tom will continue to provide their insights and advice along the way.”
Whalley stated, “From the very beginning of my career, I have always been attracted to artists who have a really strong point of view, have a vision for themselves and have something important to say. I believe that when you sign an artist you must have a shared vision, long-term commitment to development and conviction to continually support that artist’s career. The same core values hold true for a startup label.
“In 2014, I found a great partnership with Scott Pascucci and Concord. That partnership helped build a very important independent label, Loma Vista Recordings. It has been an added bonus to serve as the Chief Label Officer for frontline labels at Concord. I am very proud of what we have accomplished.
“Concord Label Group Services has built an incredibly strong global platform to support our very talented, eclectic rosters. From top to bottom, in every department, we have extremely passionate, experienced executives in marketing support, promotion, finance and business affairs. They do incredible work every single day.
“The Presidents of Fantasy Records, Concord Records, Concord Jazz, Rounder Records, Loma Vista Recordings, Easy Eye Sound, KIDZ BOP and Fearless Records all have the leadership qualities necessary to run successful independent record labels and brands. Their creative vision and unwavering support for their artists make every day exciting.
“I want to thank the Concord Board of Directors, Scott Pascucci and Bob Valentine for their complete commitment to Concord Label Group during my tenure. I look forward to joining Scott and Jake Wisely in serving on Concord’s Advisory Board.”
Speaking for the Concord board of directors, Chairman Steve Smith said: “Scott has challenged and inspired the Concord team to build a global music company far beyond our greatest expectations. Since our acquisition of the company in 2013, Concord has grown to become a stunningly successful indie, purpose-built to champion artists, elevate voices, and impact culture, precisely because it bears Scott’s signature.”
Smith added: “Tom’s commitment first to bring Loma Vista Recordings under the Concord umbrella in the summer of 2014, and then to agree to manage our entire roster of frontline labels, has set a standard for excellence in artist and repertoire development admired around the globe. We could not be more appreciative of both their contributions to the Concord story, or happier that they’ve committed to keep close counsel with the company’s leadership once their current role transitions are complete.”
Concord Vice Chairman Alex Thomson commented, “The Concord executive team of 2023 is the most experienced in the company’s history, with the deepest bench of future leaders, making the tenth anniversary of our commitment to the company the ideal time for this leadership transition. Bob Valentine is an inventive and resourceful executive, uniquely qualified to both embrace the company’s legacy and navigate its vast future potential as the next Chief Executive of Concord.”
Tom Whalley began his career in the Warner Bros. Records mailroom before working his way into the label’s A&R department.
At Warner Bros., Whalley had early success with ’80’s superstars Modern English and The Cure. He later joined Capitol Records as Head of A&R, where he worked with many of the label’s most important acts including Bonnie Raitt, Poison, Crowded House, Beastie Boys and MC Hammer. Tom then co-founded Interscope Records which became one of the most successful independent startups in the history of the music industry where he signed such seminal artists as Tupac Shakur, Nine Inch Nails, Wallflowers, Limp Bizkit, Four Non Blondes, Helmet, Primus and Smash Mouth.
In 2001, Whalley returned to Warner Bros. Records as Chairman and Chief Executive Officer, where he signed chart-topping artists including Michael Buble, The White Stripes, Muse, My Chemical Romance, Avenged Sevenfold, Big & Rich, Jason Derulo and Damien Rice among many others.
In 2012, after leaving Warner Bros. Records, he founded Loma Vista Recordings, a venture with Universal Music Group’s Lucian Grainge and Republic Records, before Whalley took the label to Concord in 2014.
Loma Vista has released albums by artists including St. Vincent, Little Dragon, Rhye, GHOST, Manchester Orchestra, Soundgarden, Django Unchained Soundtrack, Action Bronson, Andrew Bird, Common, Health, Iggy Pop, Korn, Denzel Curry, Local Natives, Margo Price, Meechy Darko, Militarie Gun, Miloe, Rise Against, Robert Glasper, Sampa the Great, Show Me The Body, Skeggs, Soccer Mommy, Sylvan Esso and Killer Mike.Music Business Worldwide