Time Warner Inc.’s music division Thursday named hitmaking producer David Foster to a top executive position and gave him responsibility for finding the stars needed to revive the nation’s largest recording firm.
Foster, a producer for superstars such as Whitney Houston, Celine Dion and Toni Braxton, was named executive vice president for Warner Music Group.
A big part of his job will be to consult with Warner Music’s co-chairmen and chief executives, Robert Daly and Terry Semel, in the music business, a thorn for Time Warner while the rest of its widespread entertainment assets performed well.
While Warner Music, through its Elektra, Atlantic and Warner Bros. Records labels, is still No. 1, its market share is falling. Recently, Warner Music reported a 24 percent drop in second-quarter cash flow to $125 million.
