Sony's Lack of leadership leads to musical chairs
The Los Angeles Times today carries the news that the nation’s second-largest music company, Sony BMG, may quash a four-month power struggle by swapping the roles of the company’s top executives.
Under the evolving agreement, CEO Andy Lack would become Sony BMG’s nonexecutive chairman, and chairman Rolf Schmidt-Holtz would assume the CEO post.
Worth noting is how mega-oligarchs like Bertelsman and Sony resolve such disputes between multi-nationals: Bertelsmann told Sony’s Corp.’s Howard Stringer they wanted to get rid of Lack by April.
Under the terms of the joint venture, Sony has the right to name the company’s chief executive until 2009, but Bertelsmann eventually has the right to fire the CEO.
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