Tuesday, July 08, 2008
Musical chairs at EMI
As the credit crunches the executives, if not the music, are certainly going round at EMI, as today's Independent reports - 'The stream of (EMI) top executives moving on has been even more striking, if less headline-friendly. The only big name from the old guard who has survived is Roger Faxon, head of the label's music publishing division. Eric Nicoli, the chief executive, stepped down in September, before the company was formally delisted from the Stock Exchange. Martin Stewart, finance director, was also a swift departure. Tony Wadsworth, head of the UK business, quit in January after 26 years, and last week, Jean-Francois Cecillon, head of EMI's international business, announced plans to leave.
After the takeover, top roles were taken by Chris Roling, a former ICI executive, Ashley Unwin, from Deloitte Consulting, and Julie Williamson, who has a long history with Terra Firma. Most notable was Mike Clasper, a former BAA chief executive, brought on to Terra Firma's investor board in November to oversee a global review, who was leading the Music Services division until he was poached last month to be chairman of HM Revenue & Customs.'
There may be a credit crunch but follow my links in the first paragraph to read about some super-sized severance packages for departing executives. Again, no flowers needed.
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