Warner takes on a conservative role

Article Abstract:

Warner Music Canada President and CEO Garry Newman is being called by music industry experts as a member of a new breed of music executives for a business that is expected to list C$1.4 billion in 1998 sales. This means that although Newman likes to have fun, he is a professional manager who prioritizes profits before parties. The newly appointed, 48-year-old executive, is a father to two children and favors oversized, round glasses, conservative golf shirts and Bette Midler's music. Newman believes the industry has become highly competitive after massive and recent consolidations.

Comment:

President and CEO Garry Newman is being called by music industry experts as a member of a new breed of music executives

Musical Artists & Producers, Musical Groups and Artists, Music industry, Article, Warner Music Canada

Molson lays off 287; takes $36-million onetime charge

Article Abstract:

Molson Inc terminated 287 employees on Sep 8, 1999 and posted a $36 million onetime charge as part of a program to limit its expenses. The cost-cutting measures will result in yearly savings of $30 million by FY 2002. The job cuts comprised 18% of the brewer's 1,500 salaried workers. The onetime cash charge will be made in the quarter ending Sep 30, 1999. Molson's class A shares increased 40 cents to $25.10 on the Toronto Stock Exchange on Sep 8, 1999.

Labor force information

New COO on a mission for Molson

Article Abstract:

Molson Inc COO Dan O'Neill wants to create cash flow for the Toronto-based brewing company and increase shareholder value. The company also envisions a smaller profit gap with competitor Labatt Brewing Company Ltd and post profit growth in 1999. Molson stock increased 21% on closing Aug 27 at $26.25 on the Toronto Stock Exchange. The move to increase focus on shareholder value may require facility improvement and the closure of some plants.

Malt beverages