Sony Music USA has booted out the most powerful man in Australian pop music from the company’s Australian arm
Sony Music Australia’s CEO Denis Handlin reportedly handed in his resignation after 37 years at the helm.
Staff were alerted of Handlin’s sudden departure this morning by a company-wide email from the Chairman and CEO of Sony Music Group USA, Rob Stringer.
The news comes as the record label continues its investigations into allegations of harassment and bullying.
In the email, Stringer says “Denis Handlin will be leaving Sony Music Entertainment after more than 50 years with the Company, effective immediately”.
Stringer continues by noting “it is time for a change in leadership and I will be making further announcements in terms of the new direction of the business in Australia and New Zealand in due course.”
An Australian news outlet reportedly reached out to Sony’s head office last week with multiple complaints from former employees.
The complaints, which are aimed broadly at the workplace culture rather than specific individuals, include allegations of sexual harassment at work events, intimidating behaviour, alcohol abuse and the unfair treatment of women in the workplace.
Those complaints span more than twenty years, according to reports.
None of the former Sony employees the source spoke to made any allegations of sexual harassment against Handlin himself, however, each had been critical of the company workplace culture.
Following months of investigating claims, the media source sent a letter detailing the allegations to the head office in New York on 14 June.
On Monday a statement was issued by the chairman of Sony Music Entertainment, Rob Stringer, saying Handlin would be leaving “effective immediately”.
Handlin has been the chief executive of Australia’s most successful record label for 37 years and its chairman since 1996.
He played a central role in the careers of some of Australia’s most celebrated artists, including John Farnham, Midnight Oil, Silverchair, Men at Work and Human Nature.
He is the Australian Recording Industry Association’s longest serving board member.
Surge in Bitcoin prices follows pro-crypto political victories, with traders betting on a $100,000 milestone by year-end.
Bitcoin’s value surged past $90,000 on Wednesday, marking a record high amid investor excitement surrounding a possible cryptocurrency renaissance as Donald Trump steps into his second term as U.S. president.
The election of Trump, who has openly endorsed crypto, has sparked a 30% rise in bitcoin’s price since Election Day, boosted by the success of dozens of congressional candidates supported by crypto-friendly political action committees.
Hitting $100,000
According to Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, traders are betting that Bitcoin could hit $100,000 before the end of the year, with $850 million in options contracts speculating on this milestone by December 27.
The crypto industry, which contributed around $170 million to support candidates viewed as allies, is optimistic about a wave of deregulation and favorable policies.
Trump has promised to establish a national bitcoin reserve and aims to replace SEC Chair Gary Gensler, who has led a strict regulatory approach to crypto.
With aggregate open interest on Bitcoin derivatives soaring to $61 billion, investors are increasingly bullish, betting on bitcoin’s growth via options and perpetual futures contracts.