Bennett inks as prexy of Maverick Records
Geffen eyeing Schur
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The deal closed Wednesday, according to insiders. It's the first key exec hire since Maverick co-owners Madonna and Guy Oseary renewed their deal earlier this year with Warner Music Group.
Bennett ankled Geffen last year as part of the fallout from Universal Music Group's $10.4 billion acquisition of Polygram.
According to insiders, Flip Records founder Jordan Schur, the talent finder behind Limp Bizkit and Elektra's Stain, will become prexy of Geffen Records.
But the job is expected to be scaled down from the post Bennett held. Geffen is now a component of the Interscope Records Group.
The Bennett hire is the first big move since the exit of Maverick co-founder Freddy DeMann, who stepped down after a power struggle with Oseary; his exit deal was worth nearly $25 million (Daily Variety, March 2). DeMann is in the process of setting up a new venture.
The Bennett hire will free up Oseary to focus on inking acts and deals, while splitting his time between music and film/TV projects under the Mad Guy banner he bowed last year with Madonna.
Maverick is currently riding high with the soundtrack to the latest "Austin Powers" saga.
Bennett, a music industry vet with solid promotion experience and expertise in day-to-day label activities, will work closely with Maverick's veep/G.M. Russ Reeger and exec VP Ronnie Dashev.
The label dismissed a handful of staffers Wednesday as part of an expected restructuring.
While at Geffen, Bennett and A&R veep David Simone began to defrost the venerable label and break a multiyear cold streak.
It nabbed a number of successes with a variety of acts, including Lisa Loeb and Rob Zombie, as well as the soundtrack to "Sabrina the Teenage Witch."
