As previously disclosed, on June 22, 2022, Warner Music Group Corp. announced that it had begun planning for the succession of the Company's Chief Executive Officer and director, Stephen Cooper. On September 21, 2022, the company's Board of Directors announced that Mr. Robert Kyncl has been appointed to succeed Mr. Cooper as CEO and director of the company.

Mr. Cooper and Mr. Kyncl will serve as Co-CEOs of the Company from January 1, 2023 through January 31, 2023. On January 31, 2023, Mr. Cooper will retire from the Company and resign from the Board. Following his retirement, Mr. Cooper will provide consulting services to the Company through January 31, 2024.

Effective as of February 1, 2023, Mr. Kyncl will be appointed to the Board. Mr. Kyncl, age 52, currently serves as the Chief Business Officer of YouTube, a division of Alphabet Inc., where he is responsible for YouTube's creative and commercial partnerships, as well as its product operations and marketing. Mr. Kyncl has driven the development of YouTube's creator ecosystem and original content initiatives, while helping lead the launch of its paid subscription services, YouTube Music and YouTube Premium.

Prior to joining YouTube in 2010, Mr. Kyncl spent seven years at Netflix Inc. where he led the company's push into film and television content, playing an instrumental role in the company's evolution as a streaming giant. Mr. Kyncl, together with his wife Luz, run the Kyncl Family Foundation, which provides financial assistance to students from underrepresented communities pursuing STEM degrees. Mr. Kyncl holds an MBA from Pepperdine University and a B.S. in International Relations from SUNY New Paltz.

The Company believes that all of these experiences give Mr. Kyncl the qualifications and skills to serve as the Company's CEO and as a director of the Company.