NY Times: The story has even turned comical at times. After Mr. Hands discovered that some employees were laundering costs for things that were illegal (drugs and prostitutes, he said), by itemizing them on expense reports as “fruit and flowers,” he set a strict travel and entertainment policy that required receipts for every expense.
Artists, too, have clashed more openly with Mr. Hands: the band Radiohead has fled and the singer Joss Stone has asked to be let out of her contract. The Rolling Stones, meanwhile, have been talking with other record companies about a new label. (If the Stones left EMI, it would have little impact financially, because the company would still have the rights to the band’s catalogue).
“They hate him,” said Hugh Hendry, a British hedge fund manager and former EMI shareholder who had publicly criticised past management, of artists’ opinions about Mr. Hands. “He’s rude. He’s abrasive. He wants to make money. He’s the first to say to artists, ‘We are not going to pay you too much money. Now get out of my office.’ “…
According to Mr. Hands, the company was doing worse than commonly thought. An analysis by McKinsey and KPMG found that EMI had lost £750 million ($1.5 billion) from selling new music over the last five years.
Photo by Roadie #42 from coldplay.com
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