EMI yesterday confirmed that Matt Serletic is standing down as Chairman and CEO of the American division of its Virgin record label. Serletic's departure is immediate, and his role will be covered by EMI North America boss David Munns in the short term.
Confirming his departure, Serletic told reporters yesterday: "I am proud of what we have accomplished at Virgin. We've built a great team and a terrific roster of artists. I wish everyone at Virgin and EMI the best."
Munns added: "Matt is one of the most gifted producers in the business today. He's done a tremendous amount in the first phase of reinventing Virgin, and I'd like to thank him for all his hard work. We look forward to continuing to make great music with Matt".
The general consensus is that former Warners exec Jason Flom will now be announced as the new Virgin US boss almost immediately. The former Atlantic and Lava Records chief quit Warners earlier this year, seemingly over disagreements as to where the major label's new owners were taking the company.
As previously reported, rumours that Flom would take a top job at Virgin US have been circulating for a few weeks now, though it wasn't immediately clear if he would replace or work alongside Serletic. EMI are yet to confirm Flom's appointment but it is expected anytime now.