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Last Updated: Wednesday, 29 August 2007, 10:03 GMT 11:03 UK
EMI boss to quit ahead of buyout
EMI artist Kylie Minogue
EMI CD sales have been less than glittering of late
EMI's chief executive Eric Nicoli will step down from his post before private equity firm Terra Firma completes its 2.4bn buyout of the UK music group.

EMI said that Mr Nicoli had agreed to resign by 18 September, the planned date of the company's delisting from the London Stock Exchange.

Chris Roling and Ashley Unwin, both managing directors of Terra Firma, will take seats on EMI's board.

The board shake-up is the first action taken by EMI's new owners.

EMI, whose artists include Coldplay, Robbie Williams and Kylie Minogue, agreed to be taken over in May.

'Driving change'

Mr Roling will become chief operating officer of the EMI group under its new ownership and chief financial officer of both the company and its music division.

The appointment follows the resignation of Martin Stewart from his post as chief financial officer.

Mr Unwin will take on a role as director of business transformation.

The initial focus will be to maximise the value of the significant assets in EMI's publishing business
Guy Hands, Terra Firma

In addition, EMI said a new governance structure was being implemented which would involve the EMI board reporting into a new supervisory board chaired by Terra Firma's chief executive Guy Hands.

This new level of management will focus on EMI's strategic business relationships.

"The new management structure will allow EMI to benefit from Terra Firma's experience in strategically transforming businesses and driving operational change," said Mr Hands.

"The initial focus will be to maximise the value of the significant assets in EMI's publishing business and to realise the digital opportunity in recorded music."

The iconic British group has been struggling in the face of falling CD sales - particularly in the US market - but its digital sales have risen sharply.

Formerly chairman, Mr Nicoli became chief executive following a management shake-up in January. He first joined EMI as a non-executive director in 1993.


SEE ALSO
Falling CD sales hit EMI earnings
06 Aug 07 |  Business
Terra Firma wins in bid for EMI
01 Aug 07 |  Business
EMI bidder extends offer deadline
20 Jul 07 |  Business
Warner Music opts out of EMI race
18 Jul 07 |  Business
Warner hints at possible EMI bid
11 Jun 07 |  Business
Could EMI become No 1 bid target?
22 May 07 |  Business
Music giant EMI agrees takeover
21 May 07 |  Business

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