Tom Sansone has resigned as Chief Financial Officer (CFO) at Kobalt.
According to the company, Sansone will remain an advisor to Chief Executive Officer Laurent Hubert, and will also assist in the transition of newly promoted CFO, Catrin Drabble, effective April 15, 2022.
Drabble, Kobalt’s new chief financial officer, most recently served as Executive Vice President, Corporate Development and Finance.
Since joining Kobalt in 2017, the company says Drabble has “improved its investment team, led numerous initiatives on proprietary forecasting and transaction underwriting, and oversaw hundreds of million copies of contracts and acquisitions”.
Most notably SONGs, Shellback, Flyte Tyme, etc.
More recently, Drabble has managed the reorganization of the FP&A team and processes, and played a key role in Kobalt’s Corporate Development activities, most notably the sale of AWAL and KNR in 2021.
MBW report at the start of this month, Kobalt expects to generate approximately $625 million in gross income in the current fiscal year, through the end of June 2022. (Total revenue is overall revenue, plus fees that Kobalt received for his role as an advisor/asset manager of a music purchase fund.)
Kobalt also predicts that it will end the current fiscal year with about a tenth of that, $65 million, EBITDA profit.
“Tom has been an incredible leader for Kobalt over the past six years and has made the company the most solid financial leader it has ever seen.”
Laurent Hubert, Kobalt
Kobalt CEO Laurent Hubert said: “Tom has been an incredible leader for Kobalt over the past six years and has led the business to the strongest financial position it has ever seen.
“I am delighted that he will remain a close advisor and we all agree raising Catrin is a natural next step for the company. Catrin has consistently been a high-achieving artist with a deep understanding of the economics of the music business.
“She is a key leader in connecting the finance and investment teams, and is a key part of our path to profitability.
“I have always been impressed by Catrin’s extensive knowledge and work ethic while working with her as CEO of Kobalt Capital, and have seen her growth over the past 5 years. It’s been interesting.”
Willard Ahdritz, Kobalt
Kobalt Founder and Chairman, Willard Ahdritz, added: “Having hired Tom in 2016 and have worked closely with him since, I have really enjoyed his close friendships both daily and in our larger capital raising and transformation work. I thank him for his time at Kobalt.
“I have always been impressed by Catrin’s extensive knowledge and work ethic while working with her as CEO of Kobalt Capital, and have seen her growth over the past 5 years. past interesting.
“I am delighted that she will now take on the position of CFO.”Worldwide music business
https://www.musicbusinessworldwide.com/catrin-drabble-promoted-to-cfo-at-kobalt-as-tom-sansone-steps-down1/ Catrin Drabble gets promoted to CFO at Kobalt, as Tom Sansone steps down