Outgoing EMI chief Eric Nicoli has told the company's employees that the music firm is in "safe hands" now that it's new owners, private equity house Terra Firma, have taken control. Whether there's an axe in those safe hands we know not - though it wouldn't surprise me if there was. Maybe just a small one.
But on a more optimistic note, in a memo issued yesterday to staff, and artists and songwriters on the major's rosters (and subsequently sneakily published by Billboard) Nicoli wrote: "The new board is a strong and experienced one with a track record in transforming businesses for future growth. They respect the talents of our artists and employees, and EMI as an iconic, high quality and world-renowned brand. They are committed to investing in the business to ensure that it grows both organically and by acquisition. I am absolutely confident that EMI is about to enter an exciting new era of investment and growth".
Confirming his departure from the major, Nicoli said that he had "agreed to step down" but that he would continue to serve as an advisor to both EMI and Terra Firma, adding: "I remain, as always, totally committed to this business and to the people connected with it. In my new role, I will be working hard to ensure a smooth and seamless transition for EMI artists, songwriters and staff to the company's new ownership".
Meanwhile, Terra Firma chief Guy Hands has also communicated with EMI staff, writing: "Over the coming weeks [my Terra Firma colleagues] Chris [Roling], Ashley [Unwin], Julie [Williamson] and myself will be meeting and working with existing management to finalise our plans and confirming the best way in which we can serve our two key stakeholders: our artists and our customers. We will also ensure that we visit and meet with people at key locations across the EMI network of offices. It is our expectation to be able to communicate our plans for the business during October".
Whether those plans will include the swinging of that metaphorical axe on any staff or artists remains to be seen. Also whether the equity types will continue the restructuring programme introduced by Nicoli earlier this year, or whether they'll embark on a totally different restructuring programme, is also to be seen. How about re-splitting up all those recently merged divisions? That sounds fun.