Russian-born billionaire Len Blavatnik has now resigned from the Warner Music Group Board, effective immediately.
Blavatnik, head of the broadly diversified Access Industries, first joined the board in March of 2004. In May of 2005, Warner Music went public at $17, though Wall Street most recently pushed shares below $5.
Access still owns two percent of WMG common stock, though the valuations are understandably disappointing. “Len’s expertise has been extremely valuable to WMG and we will miss his wise counsel,” said WMG chairman and chief executive Edgar Bronfman, Jr. “With regret, we accept his resignation and wish him all the best in his other activities.” Blavatnik ranks 45th on the most recent Fortune 400 list, and carries an estimated net worth of $7.2 billion.
Story by news analyst Alexandra Osorio.