Report: Alain Levy, David Munns To Exit EMI
January 11, 2007 at 5:44 PM (PT)
EMI tomorrow (1/12) is expected to announce the dismissal of recorded music division CEO ALAIN LEVY and Vice Chairman DAVID MUNNS in "a drastic bid to restructure the faltering record company," the FINANCIAL TIMES reports. The article also quotes sources as saying the LONDON-based company will issue a profits warning and that Chairman ERIC NICOLI will announce a broader restructuring plan that will include hundreds of layoffs
The newspaper points out that the profits warning is likely to stir debate about NICOLI's position at the top of the company, but one source says LEVY and MUNNS were dismissed because they had more direct operational responsibility for EMI's shortcomings than did NICOLI.