It's Official: Levy, Munns Out At EMI
January 12, 2007 at 5:43 AM (PT)
As first reported on ALL ACCESS yesterday (NET NEWS 1/11), EMI has announced the departure of CEO ALAIN LEVY and Vice Chairman DAVID MUNNS in a "drastic effort to restructure the faltering record company."
THE FINANCIAL TIMES reports LEVY and MUNNS, two of EMI’s most senior executives, have been "de-layered," according to the company, in an effort to restructure the company. Their departure was accompanied by a profits warning and the announcement of a broader restructuring plan..
ERIC NICOLI, Executive Chairman of EMI GROUP since JULY 1999, has been appointed CEO/EMI GROUP. NICOLI will assume duties for the management of EMI MUSIC, but will relinquish his Chairmanship.
JOHN GILDERSLEEVE, currently non-executive Deputy Chairman/EMI GROUP and senior non-executive Director, is named non-executive Chairman/EMI GROUP. MARTIN STEWART will continue in the role as CFO/EMI GROUP with responsibilities for the management of EMI MUSIC's finance function.
While the shares are off more than 7%, the statement also has an ominous line that EMI is "reviewing its balance sheet."