EMI CEO Elio Leoni-Sceti Exiting
Charles Allen Named Executive Chairman
March 10, 2010 at 8:12 AM (PT)
EMI CEO ELIO LEONI-SCETI is exiting after less than two years. CHARLES ALLEN, the former CEO of U.K. broadcaster ITV PLC, who is EMI MUSIC's Non-Executive Chairman, will become Executive Chairman.
LEONI-SCETI joined EMI in 2008 from RECKITT BENCKISER, a consumer-products company. Reports at the time said EMI believed that his time in the consumer products business would bring new innovations to a music industry struggling to reinvent its product.
ALLEN said: “ELIO has done a great job. I have thoroughly enjoyed working with him; he is a very talented executive and we all wish him well in the future. Our goals for EMI MUSIC remain the same. I will support and guide the group’s strong team, keep EMI’s focus on creativity and superb A&R, and deliver a digital platform. This is a great business -- our task is to ensure it has a great future.”
LEONI-SCETI added: “EMI is a wonderful business with a great team and new creative and operational momentum. My job here is now done and it is time for me to move on. It has been a pleasure to work with CHARLES and so many other talented and committed people. I look forward to seeing the company go on to further success in the future.”
The departure comes at a delicate time for EMI and TERRA FIRMA, writes THE WALL STREET JOURNAL. "In the coming months, TERRA FIRMA must raise £120 million ($179 million) to avoid a debt default or risk losing control of EMI to CITIGROUP. The U.S. bank, which financed the ill-fated takeover in 2007, is owed more than £3 billion."