NEW YORK (CNNfn) - Warner Music Group, a unit of Time Warner Inc., said Thursday that it renewed its employment contract with Grammy award winning music producer David Foster, greatly expanding his responsibilities.
Under a new, exclusive multi-year contract, the world-renowned producer, arranger and composer will serve as the group's senior vice president -- available to produce recordings for all three Warner Music Group labels.
Foster, 47, has served as vice president for Warner Music's Atlantic Records division since 1994. His contract was set to expire in December.
Foster's elevation at Warner Music comes at a time when the entire $12 billion industry desperately needs a jolt to help buoy sluggish sales. Had the recording label lost him to Seagram Co.'s Universal Music Group, which also was wooing his talents, it would have represented a tremendous loss.
"I'm thrilled that we will be continuing our long-standing relationship," said Val Azzoli, Atlantic Group co-chairman and co-chief executive.
Foster has 14 Grammy awards to his credits and has worked with artists including Bertelsmann AG's Whitney Houston and Sony Corp.'s Celine Dion.