Statement from Jheryl Busby, president/CEO of Motown Record Co., in regards to his leaving the company, effective Oct. 2.LOS ANGELES--(BUSINESS WIRE)--Sept. 29, 1995--Statement from Jheryl Busby, president/chief executive officer, Motown Record Co., in regards to his leaving the company, effective Oct. 2: Motown's Chapter Three Begins ----------------------------- ``Effective this date, I am departing Motown Records
``Stepping into Berry Gordy's monumental shoes, I came to Motown with a dream for a Chapter Two that would take this touchstone of black Americans to an even higher level. Simply put, I wanted to restore its faded glory and add such new lustre lustre In mineralogy, the appearance of a mineral surface in terms of its light-reflecting qualities. Lustre depends on a mineral's refractivity (see refraction), transparency, and structure. to the name Motown that it would last to inspire many more generations. I am leaving satisfied in the knowledge that what I dared to dream has become a reality. ``In 1988, the strength of Motown had been diminished and therefore its worth was undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , having been sold for only $61 million. When Motown was sold to Polygram, the purchase price was $300 million; an independent study had determined the value of the name alone was $50 million. ``The first off-shoot of the power of the name is the Motown Cafe license. The first Motown Cafe opened this month in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; others are planned the world over -- from Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. to Orlando to London. ``There has never been another catalog like Motown's. Those golden vaults generated $17 million in '88, this year sales are over $42.5. Those sales are the music of artists whose talent gave us the soundtrack of our lives over the last 30 years and are as vital to us now as the day we first heard Marvin Gaye Marvin Gaye (born Marvin Pentz Gay, Jr.) (April 2, 1939 – April 1, 1984) was an American singer-songwriter, musician and performer who gained international fame as an artist on the Motown label in the 1960s and 1970s. , the Supremes, The Temptationa and all the other children of Motown. ``It seemed to me that a net turnover of $100 million was attainable. It was. Our first $100 million net turnover year was '94. ``Motown had always had one artist who broke every barrier, who crossed over and spanned time and age, becoming an icon all on their own. In the '70s, it was Stevie Wonder Stevie Wonder (born Stevland Hardaway Judkins on May 13, 1950, name later changed to Stevland Hardaway Morris),[1] is an American singer, songwriter, musician, and record producer. ; in the '80s it was Lionel Richie Lionel Brockman Richie, Jr. (born June 20, 1949), professionally known as Lionel Richie, is an American singer, songwriter, record producer, and occasional actor who has sold over fifty million records. ; in the '90s, it is Boyz II Men Boyz II Men is an American R&B/soul singing group from Philadelphia, Pennsylvania. Founded in 1988 as a quintet which originally included Marc Nelson, Boyz II Men found fame as a quartet, with members Nathan Morris, Michael McCary, Shawn Stockman, and Wanya Morris, on Motown . ``Over the next 14 months, Motown will be releasing the strongest release schedule in Chapter Two's history. Between this last quarter of '95 and into '96, product will come from Stevie Wonder, Boyz II Men, Diana Ross For the author-illustrator, see . Diane Ross (born March 26 1944) is an American singer, songwriter, and Academy Award nominated actress, whose musical repertoire spans pop, R&B, soul, disco and jazz. , The Temptations, Johnny Gill, Shanice, Queen Latifah and Zhane and a monumental Marvin Gaye tribute album with contributions from Madonna, Bono, Stevie, Boyz II Men, Me'Shell Ndege O'Cello and others. ``This music demonstrates the resurgence of Motown legends and acknowledges that Motown's hit-making past can and does extend into the new millennium. ``One of the challenges I've always had in my career was the development and nurturing of new talent -- from artist to executive. Many years ago, when I was president of the black music division at MCA Records, I spotted a young man I thought could become a talented record executive. ``He had a dream, too. Andre Harrell wanted to start a record label named Uptown. I gave him that chance and it is with great pride that I pass the baton at Motown to Andre so he can take this label, for which he holds such great affection, into its Chapter Three. ``Because as I move into my own new direction, I realize that Motown's artists new and old, its executives -- veteran and learning -- are part of an ongoing legend with many chapters yet to be written, songs yet to be sung and music to be written, and I can be proud of Chapter Two from Jheryl Busby.'' CONTACT: Motown Record Co. L.P., Los Angeles Publicity Department, 213/634-3553 |
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