Monday, 15 December 2014 00:00

ASCAP CEO John LoFrumento Announces Retirement After 17 Years

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John LoFrumentoOn December 12, 2014 the American Society of Composers Authors and Publishers (ASCAP) announced that their Chief Executive Officer of 17 years, John LoFrumento, has decided to retire.

LoFrumento first joined the ASCAP team in 1981 as a Controller. He then served as CFO, COO and EVP, and was named CEO in 1997. His reign will officially end January 1st, 2015.

As CEO, LoFrumento helped ASCAP develop one of the most sophisticated technology platforms for performance tracking and royalty distributions across all media. ASCAP now licenses the most-performed repertory globally, with a catalog of 10 million compositions written by some of the biggest names in the business including Beyoncé, Dierks Bentley, Katy Perry, Lorde, Justin Timberlake, Drake, Brad Paisley and more. Simultaneously, ASCAP’s membership and distributions have grown exponentially from 70,000 members and distribution totaling $417 million in 1997 to 520,00 members today in 2014, with distributions projected to exceed $875 million.

During his tenure at the helm of ASCAP, LoFrumento has been instrumental in the company’s efforts to update their decades-old Consent Decree with the U.S. Department of Justice. These efforts are a way to better reflect modern music consumption and ensure that the nation’s songwriters are compensated for the true value of their work in the marketplace.

LoFrumento represents ASCAP as a member of the Confederation International des Societies D’Auteurs et Compositeurs’ (CISAC) Board of Directors. He is also the Chairman of CISAC’s finance committee and has served as Chairman of the CISAC Canada/USA Committee. In addition, he is a member of the Board of Directors and Chairman of the Finance Committee of FastTrack and a member of the Board and Chairman of the Finance Committee of the Songwriters Hall of Fame as well as the CEO of MusicPro Insurance. LoFrumento was awarded the NMPA President’s Award from The National Music Publishers Association in 2003 for his leadership in the music industry.

A graduate of Hunter College and a New York State Certified Accountant, LoFrumento served as Vice President and Controller of the Travelers Cheque Division of the American Express Company prior to joining the ASCAP management team. He currently resides in Scarsdale, New York with his wife, Barbara.

Visit ASCAP's Website to read more about LoFrumento’s career and his memo to the ASCAP staff.

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