Following their previously reported financial struggles, the Executive Chairman of the Sanctuary Music Group has announced he is standing down. Andy Taylor, who co-founded Sanctuary as an artist management company with Rod Smallwood in 1976, will stay on in a senior executive role, but a new person will be found to oversee the day to day running of the music group.
In a statement to the London Stock Exchange, Sanctuary said the decision was part of the group's overall business review - the company has been undergoing something of a restructure after announcing it would not be considering a takeover as a way out of its recent financial hardships. The group said on Friday: "The process of identifying new directors and the process of restructuring current executive responsibilities is progressing well".
Elsewhere in Sanctuary Group news, the music company is apparently facing a lawsuit from the 5.1 Label Group, an American manufacturing firm who licence and produce Dual Disc releases. 5.1 Label Group claim Sanctuary have failed to fulfill commitments made in a 2003 contract in which they said they would release five dual-disc albums a month, manufactured by the claimants. Sanctuary are yet to comment on the litigation.