EMI CEO Eric Nicoli To Step Down
August 29, 2007 at 7:17 AM (PT)
EMI Chief Executive ERIC NICOLI, who has been under fire in recent years over his handling of the BRITISH music group, is stepping down as part of a reshuffle by its new private equity owners TERRA FIRMA. Outlining its plans for the group in a statement on WEDNESDAY, TERRA FIRMA said it would appoint one of its Managing Directors, CHRIS ROLING, to run EMI, and focus on developing the lucrative publishing division and growing digital music sales.
The announcement brings an end to NICOLI's eight-year reign, which has been dominated by takeover speculation, falling market share and wider problems in the music market.
EMI said NICOLI would stand down as CEO of EMI GROUP and its recorded music division, EMI MUSIC, while Finance Officer MARTIN STEWART would also leave and resign as a director.
ROLING, a Managing Director of Terra Firma, will become group COO/CFO of both EMI GROUP and EMI MUSIC and ASHLEY UNWIN as Dir./Business Transformation for EMI GROUP and EMI MUSIC. In addition, a new governance structure is being implemented that will involve the EMI board reporting into a new supervisory board to be chaired by GUY HANDS, CEO of TFCP who will be joined by certain senior TFCP executives, including JULIE WILLIAMSON, a Managing Director of TFCP who will focus on EMI's strategic business relationships.
NICOLI's role as CEO of EMI MUSIC will not be filled immediately while ROGER FAXON, the head of the successful music Publishing unit, will continue in his current role and remain on the board.
"ERIC has steered EMI through a period when the industry has faced extreme change and we thank him for providing a smooth transition into our ownership," TERRA FIRMA's GUY HANDS said.