Ah, so those rumours of Eric Nicoli's imminent demise, as EMI Group chief that is, were true after all. The London based major's new owners, Terra Firma, have kicked him out. Or, rather, he's agreed to "step down". So, kicked out then.
According to Billboard, the private equity firm has also increased its grip on its recent acquisition by appointing two of its own to the EMI Group board. Chris Roling will become COO of EMI Group and CFO of both the Group and its recorded music division, while Ashley Unwin will become Director Of Business Transformation for both Group and recorded music. This is in addition to Terra Firma type Stephen Alexander who is also expected to take on a senior management role at the major.
EMI Group's current CFO Martin Stewart will also step down. It is unclear whether the EMI senior players now leaving the company had expected to leave ever since they approved the Terra Firma offer, or whether they thought their jobs might be safe by going the private equity route, rather than approving a Warner Music takeover, where senior players would almost certainly have been ousted so that existing Warner chiefs could take over. It is possible both Nicoli and Stewart feel their job - safeguarding the future of the stuggling major - has been done by facilitating the Terra Firma takeover.
The EMI senior player seemingly safe in his job is EMI Music Publishing's Chairman and CEO Roger Faxon, who will continue to serve in those roles and to sit on the EMI board. With the major due to delist itself from the London Stock Exchange, that board will now report to a new 'supervisory board' to be chaired by Terra Firma top man Guy Hands.
Hands confirmed Nicoli and Stewart's departure yesterday, but thanked them for their contributions to the music company, saying: "I would like to thank Eric Nicoli and Martin Stewart for their service to the Group. 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".
Hands also commented on his plans for EMI, which he says he hopes to grow both organically and by acquisition. His said: "The goal is for EMI to be the world's most innovative and consumer-focused music company and the best home for musical talent. EMI is privileged to have an extraordinarily gifted base of artists, songwriters and staff, and we will work with them to achieve objectives that serve consumers worldwide".