Russ Thyret Departs Warner Bros. Records Inc.

February 28, 2001

NEW YORK — Warner Music Group (WMG) announced today that Russ Thyret, Chairman and Chief Executive Officer of Warner Bros. Records Inc., has decided to leave the company effective immediately. Phil Quartararo, Warner Bros. Records Inc.'s President, will assume responsibility for the day-to-day operations of the company.

In making the announcement, Roger Ames, WMG's chairman and CEO said, "It is with a sense of sorrow that I have accepted Russ' decision to step down. For three decades Russ has upheld the unparalleled reputation of Warner Bros. Records as one of the most prestigious, artist-friendly and respected record companies in the world. His dedication, his passion, and his tremendous personality will be greatly missed."

Ames added, "As the consummate professional, Russ leaves the company in good hands and poised for growth. With a diverse line-up of top new artists including Linkin Park, Disturbed and Jaheim, along with an all-star roster and upcoming release schedule that includes, Madonna, Red Hot Chili Peppers, Eric Clapton, Goo Goo Dolls, Faith Hill, Eric Benet, R.E.M., Alanis Morissette and Stevie Nicks, Warner Bros. under the guidance of its first-rate senior management team, is destined for yet another era of creative excellence."

Thyret said, "It has been my honor to work at Warner Bros. Records for most of my life. I have had the privilege to be around much of the greatest popular music ever recorded. My strongest ambition has always been to serve those artists well, and I leave Warner Bros. hoping I've accomplished that. I also believe I leave the company in the capable hands of many talented people, who will continue to make this a very unique and special place. My heartfelt thanks go to all those wonderful people, past and present, I've had the pleasure to work with. I was in awe of Warner Bros. Records the first day I walked in the door, and in so many ways, I leave even more in awe. It will forever be a magical memory."

Quartararo said, "I cannot overstate my appreciation to Russ for his partnership over the last three years and for his friendship over the last twenty. The greatest tribute I can pay him would be to carry forth his legacy at Warner Bros. by continuing the success of all involved-especially the artists. We will miss him terribly, but wish him the best of everything."

Thyret has been Chairman and CEO of Warner Bros. Records Inc. since August 1995. He began his Warner Bros. Records career in 1971 as Singles Sales Manager. In 1973 he was named Sales Manager and two years later became Vice President in the Sales Department. In 1976 Thyret became Vice President of Promotion for the company, and in 1981 became Senior Vice President of Marketing and Promotion. He was promoted to Executive Vice President, Marketing and Promotion in 1986 and in January 1995 he was named Vice Chairman of the company. Prior to joining Warner Bros. Records, Thyret was a sales representative in the Los Angeles branch for WEA, WMG's US distribution company.

About Warner Bros. Records Inc.
Warner Bros. Records was founded in 1958 and has since become one of the most successful record labels in history. Over the years, the catalogs of Warner Bros. Records and Reprise Records (which became part of the company in 1961) have become known as the most prestigious and diversified in the industry. The current roster includes: Barenaked Ladies, Eric Benet, Cher, Eric Clapton, Paula Cole, Enya, Filter, Fleetwood Mac, Goo Goo Dolls, Green Day, Don Henley, Faith Hill, Boney James, Mark Knopfler, k.d. lang, Linkin Park, Madonna, Brad Mehldau, Pat Metheny, Bette Midler, Joni Mitchell, Tom Petty, Pretenders, R.E.M., Red Hot Chili Peppers, Seal, Paul Simon, Static-X, Van Halen, Dwight Yoakam, Neil Young and many others.

About Warner Music Group
Warner Music Group is home to some of the world's leading record companies, including The Atlantic Group, Elektra Entertainment Group, London-Sire Records, Rhino Entertainment and Warner Bros. Records Inc. The company's Warner Music International, with a roster of more than 1,000 artists, operates in more than 65 countries through various subsidiaries, affiliates and non-affiliated licensees. Warner Music Group also includes one of the world's leading music publishers, Warner/Chappell and WEA Inc., which is comprised of three companies, WEA Corp., WEA Manufacturing, and Ivy Hill. Warner Music Group is a division of AOL Time Warner.

Contact Info:

Dawn Bridges (Warner Music Group)
dawn.bridges@wmg.com 212-484-8040 502523

Will Tanous (Warner Music Group)
will.tanous@wmg.com 212-484-8067 502523