Lyor Cohen, left, and Len Blavatnik

He had been chairman and CEO of recorded music since 2004. Roger Faxon, who just stepped down from his post as CEO of EMI on Friday, has been rumored for the WMG job.

Lyor Cohen, chairman and CEO of recorded music for Warner Music Group, is stepping down from his post, the company is announcing today. He had been in the role since 2004.

Former EMI CEO Roger Faxon -- who just stepped down from that role Friday, in the wake of the European Union and Federal Trade Commission approving Universal Music's acquisition of the company --- has long been rumored to take over the helm at Warner.

Cohen's WMG role included oversight of the company's U.S. label groups, The Atlantic Records Group and Warner Bros. Records; WEA Corp., the company's sales, marketing and retail distribution company; and Rhino Entertainment, WMG's catalog-marketing division. He also is a member of WMG's board of directors. Cohen joined the company shortly after Time Warner's sale of WMG to an investor group led by Edgar Bronfman Jr.

Cohen rose to prominence in the mid-1980s as an artist manager at Rush Communications -- where he worked extensively with Run-DMC, Beastie Boys and others -- and as president of Def Jam Records, a role he took in 1988.

Warner was purchased last year by Access Industries, led by Len Blavatnik.

Changing of the guard....What is this going to mean for Prince?.

“To all the artists and employees who live and die for the music every day, and who personally sacrifice for the good of the creative process: ‘keep on keepin’ on’ in the tradition of a company that respects and honors the artistic community.”

Lyor Cohen

Interesting.