Concord has announced that CEO Scott Pascucci and chief label officer Tom Whalley will step down from their positions on June 30, with Bob Valentine, currently the company’s president, taking over as CEO effective July 1.

Pascucci will remain a member of Concord’s Board of Directors and both Pascucci and Whalley will be inaugural members of a newly formed Concord Advisory Board along with Jake Wisely, Concord’s former chief publishing officer. Whalley will also continue his day-to-day involvement in Loma Vista Recordings, his label joint-venture with Concord.

These moves, combined with Wisely’s exit, could seem to suggest conflict at the top of the company — but a source tells Variety that the succession plan has been in place for some time, and the lengthy statements below are certainly amicable in nature.

Pascucci joined Concord in 2013 when Bicycle Music and Wood Creek Capital acquired Concord Music Group. Valentine joined Norman Lear’s Act III Communications in 1999 when it acquired Concord Records. In 2001, he left Act III to join Fox Entertainment’s television business development group, but returned to Concord four years later to become CFO. He served in that capacity at the company until 2021, when he was named president.

Their statements follow below.
“I started my career in the music business 30+ years ago for the simple reason that I love music, and I discovered along the way that I enjoy building businesses and leading teams of people,” said Pascucci upon making this announcement. “Thanks to Brett Hellerman, I was given the opportunity to do all of those things at Concord. In 10 years, we have built a company that matters in the music industry, a place that cares about its employees, artists and writers, and that is well-positioned for the future. I am proud of all that we have accomplished. I look forward to continuing on the Board of Directors, to help guide the Company forward under Bob’s leadership, while also having more time to focus on my interests in film and social impact initiatives.”
He continued, “I truly appreciate the unwavering support and guidance of Jon Rotolo, Steve Smith and Alex Thomson, and the exceptional commitment of the entire Concord team. I would also like to express my sincere thanks to Tom Whalley and Jake Wisely, both for sharing the vision for Concord and for agreeing to join me as founding members of the new Concord Advisory Board.”

Valentine commented, “I have had the privilege of helping to build Concord into the company that it is today ever since Norman Lear and his business partner Hal Gaba had the extraordinary foresight to buy a small, independent jazz record label in the same year that Napster was invented. The journey since then has been scary, thrilling, surprising, and incredibly rewarding. Scott has led Concord through an immense amount of growth and change over the last decade, and I couldn’t be prouder of the company that he and Tom have helped to flourish. I’m excited to lead Concord’s next chapter, and I’m happy that Scott and Tom will continue to provide their insights and advice along the way.”

Whalley stated, “From the very beginning of my career, I have always been attracted to artists who have a really strong point of view, have a vision for themselves and have something important to say. I believe that when you sign an artist you must have a shared vision, long-term commitment to development and conviction to continually support that artist’s career. The same core values hold true for a startup label.
“In 2014, I found a great partnership with Scott Pascucci and Concord. That partnership helped build a very important independent label, Loma Vista Recordings. It has been an added bonus to serve as the Chief Label Officer for frontline labels at Concord. I am very proud of what we have accomplished.
“Concord Label Group Services has built an incredibly strong global platform to support our very talented, eclectic rosters. From top to bottom, in every department, we have extremely passionate, experienced executives in marketing support, promotion, finance and business affairs. They do incredible work every single day.
“The Presidents of Fantasy Records, Concord Records, Concord Jazz, Rounder Records, Loma Vista Recordings, Easy Eye Sound, KIDZ BOP and Fearless Records all have the leadership qualities necessary to run successful independent record labels and brands. Their creative vision and unwavering support for their artists make every day exciting.
“I want to thank the Concord Board of Directors, Scott Pascucci and Bob Valentine for their complete commitment to Concord Label Group during my tenure. I look forward to joining Scott and Jake Wisely in serving on Concord’s Advisory Board.”

Speaking for the Concord board of directors, Chairman Steve Smith observes, “Scott has challenged and inspired the Concord team to build a global music company far beyond our greatest expectations. Since our acquisition of the company in 2013, Concord has grown to become a stunningly successful indie, purpose-built to champion artists, elevate voices, and impact culture, precisely because it bears Scott’s signature.”
“Tom’s commitment first to bring Loma Vista Recordings under the Concord umbrella in the summer of 2014, and then to agree to manage our entire roster of frontline labels, has set a standard for excellence in artist and repertoire development admired around the globe. We could not be more appreciative of both their contributions to the Concord story, or happier that they’ve committed to keep close counsel with the company’s leadership once their current role transitions are complete.”