Yesterday, City A.M., a free London daily paper, reported (pdf) that EMI CEO Eric Nicoli was trying stay employed once his company was sold to private equity group Terra Firma. Alas, either he had a change of heart or, more likely, was canned. And CFO Martin Stewart is going with him.
Today’s Telegraph says a “new governance structure is being implemented which will involve the EMI board reporting into a new supervisory board, to be chaired by [Terra chairman Guy] Hands, alongside senior Terra Firma executives, including Julie Williamson, a managing director at the group, who will focus on EMI’s strategic business relationships.” Roger Faxon will stay on to run the music-publishing business.
City A.M. said Nicoli was “being lined up” to run the money-losing recorded music half of the company, while Roger Faxon would continue to run EMI’s money-making publishing business. If that had been true, it would have been a surprising turn of events, since p.e. groups usually boot CEOs. Conventional wisdom was that Nicoli will be replaced by former Warner Music CEO Roger Ames, who lost his job when p.e. guys bought his music company a few years back. No news on the Ames half of the equation yet. CityAM