Change is said to be always welcome. Warner Music Group seems to completely agree with this. The third largest music company of the “big four” major record labels announced on Tuesday the promotion of two of its top executives, Lyor Cohen and Michael Fleisher, to the much-hunted posts of vice chairmen. In addition to this, the company announced it planned to overhaul its international corporate structure.

Lyor Cohen, who has served up to now as head of Warner Music’s US recorded music, was also named chairman and CEO for recorded music in America and the U.K., Reuters reported.

Michael Fleisher, who used to be chief financial officer, has been promoted to vice chairman of strategy and operations for the renowned company.

Warner Music Group made even more changes, naming its ex global controller, Steven Macri, the new CFO.

All three men who have been raised to higher positions will report to Warner Music Group Chairman and Chief Executive Edgar Bronfman.

The home record label of famous artists such as rock band Red Hot Chili Peppers and pop icon Madonna succeeded to boost market share since it became an independent corporation approximately four years ago and managed to rise from the No. 4 music company on a worldwide basis to the third position.

However, recorded music sales have went down sharply, as piracy has developed and legal digital download sales offered by services such as Apple Inc’s iTunes have not been able to compensate for the deficit.

Thus, Warner Music’s share price has decreased with approximately 70 percent during the past couple of years.

As a result of the reorganization of the company’s international operations, Warner Music International’s CEO Patrick Vien will leave the company. The operations will reportedly be separated into three regions: Warner Music Americas and the U.K., Warner Music Asia Pacific, as well as Warner Music Continental Europe.

The last two will continue to be run by Lachie Rutherford and John Reid, respectively.