EMI 'Repositions', Roger Faxon Named Chief Executive
Charles Allen Becomes Terra Firma Advisor
June 18, 2010 at 6:39 AM (PT)
Following the recent fundraising for EMI GROUP from the TERRA FIRMA funds and the expression of support for the business (NET NEWS 5/11), EMI GROUP has released the results of its strategic review into how EMI RECORDED MUSIC and EMI MUSIC PUBLISHING could best work together to maximise the value of the rights it represents on behalf of its artists and songwriters.
EMI GROUP names ROGER FAXON Group Chief Executive. He has been Chairman and Chief Executive of EMI MUSIC PUBLISHING since 2007 and, in this new position, will lead EMI RECORDED MUSIC as well as continuing to be responsible for the Publishing business.
I am delighted and honoured to become Group Chief Executive of EMI, and to be given the responsibility for leading one of the greatest music brands in the world.
CHARLES ALLEN formerly non-Executive Chairman of EMI RECORDED MUSIC will become an adviser to EMI and its shareholder, TERRA FIRMA.
ROGER FAXON said, "I am delighted and honoured to become Group Chief Executive of EMI, and to be given the responsibility for leading one of the greatest music brands in the world. There is incredible talent and expertise within both EMI MUSIC PUBLISHING and EMI MUSIC, as has been demonstrated by their recent performance. I believe that the two divisions working in concert with one another as a global rights management business, can and will deliver for the artists and songwriters that we are privileged to work with now and in the future."
CHARLES ALLEN said, "I have really enjoyed my time at EMI, leading a team that has transformed the business over the last few years creating top line growth, share growth and profit growth as well as delivering new hits and a strong performance from our catalogue business. I’m delighted to have played a part in securing the investment in the Group by our shareholders. It gives us a firm platform for future growth. This repositioning and restructuring will benefit our artists and I’m delighted that EMI will be led by an experienced, music industry veteran. The whole EMI GROUP and its artists will benefit from having one Chief Executive and I look forward to supporting ROGER and his colleagues."
Management Structure Changed
The management structure of EMI is being changed to enable the company to reposition itself as a comprehensive rights management company that can take full advantage of all global opportunities in all markets for music. This will maximise the experience and skills which exist within both EMI RECORDED MUSIC and EMI MUSIC PUBLISHING under one global head.
STEPHEN ALEXANDER will become Chairman of MALTBY CAPITAL, the holding company of EMI. ALEXANDER has been a director of MALTBY CAPITAL for the past 18 months and was formerly an operational Managing Director of TERRA FIRMA. He has been involved in various aspects of EMI since its acquisition by TERRA FIRMA in 2007 and, in particular, for the past two years, he has worked closely with ROGER FAXON at EMI MUSIC PUBLISHING. LORD BIRT, formerly Chairman of MALTBY CAPITAL, will move on to other TERRA FIRMA assignments, focusing on acquisitions and strategy, continuing to represent TERRA FIRMA on the Board of Infinis.
STEPHEN ALEXANDER said, "Having worked closely with ROGER for a considerable time, I know that his leadership of the entire business will be of huge benefit to EMI’s artists, employees and investors. In particular, his appointment as Group Chief Executive will allow all EMI’s undoubted skills and resources to be implemented to maximum effect as the company continues to develop its new music, catalogue and publishing businesses."