Warner Music Group on Tuesday said it named ESPN CFO Bryan Castellani as its new chief financial officer. He will join the company Oct. 16.
Castellani is a longtime Disney executive who started with the company in 1995. His most recent role was as executive vice president for finance at Disney Media & Entertainment Distribution. He also served as CFO of ESPN.
“Bryan has wide-ranging experience helping one of the world’s most impactful creative enterprises build long-term value and unlock new global possibilities,” Warner Music CEO Robert Kyncl said in a statement. “A dynamic, operational CFO, he’ll be an excellent addition to our executive leadership team, as we grow the WMG of the future for the benefit of our artists, songwriters, investors, employees, and partners.”
The company said Eric Levin, its CFO since 2014, will stay on to help with the transition through January, when he will retire.
“He’ll leave with our deepest respect for his many contributions during an extraordinary period of growth that included WMG’s global expansion, numerous major acquisitions, and a successful IPO,” Kyncl said. “We wish him all the best.
Castellani’s departure comes at a turbulent time for Disney, which has purged 7,000 employees across its businesses in recent months, including many high-profile names like Nate Silver at ABC News’ 538. The cuts came after a bruising proxy battle with activist investor Nelson Peltz.
CEO Bob Iger has also toyed with selling ABC and its cable networks, though he recently pointed to a streaming future for ESPN, which has seen audience levels drop as more viewers cut the cord.
Castellani is not the only high-ranking executive to exit or take a step back.
Most notably CFO Christine McCarthy took a family medical leave of absence in July. Kevin Lansberry, executive vice president and chief financial officer of the Parks, Experiences and Products division, is acting as interim CFO.
Layoffs claimed senior VPs Julie Jarmon of Freeform and Stacey Adams of ABC, along with ESPN Corporate Communications VP Mike Soltys. ABC also lost a list of high level talent in March, including senior vice president of talent strategy and development Galen Gordon, senior vice president of newsgathering Wendy Fisher, vice president of talent strategy and development Mary Noonan, and VP of corporate communications Alison Rudnick.
Earlier this year, Warner Music went through its own round of cuts, laying off 4% of its staff, about 270 people, in an effort to “reallocate resources.”
