Legendary record executive Lyor Cohen is stepping down as the CEO of Warner Music Group. The former president at Def Jam Records took the position at Warner in 2004. It is widely expected that former EMI CEO Roger Faxon is going to take over for Cohen at Warner. Faxon recently stepped down at EMI after the FTC approved Universal Music Group's acquisition of the company. No word yet on what Lyor's next move is.