Now that Terra Firma private equity group has completed its buyout of EMI Group, CEO Eric Nicoli is being shown the door, along with CFO Martin Stewart. Chris Rolling, a managing director of Terra Firma, is now COO of EMI Group and CFO of both EMI Group and EMI Music. Also, Ashley Unwin from Terra Firma has been named Director of Business Transformation of both EMI Group and EMI Music. Staying on board as Chairman and CEO of Music Publishing is Roger Faxon.
Terra Firma head Guy Hands has put in place a new governance structure for the record company, with himself as chairman of the new supervisory board, joined by other Terra Firma senior executives. "The new management structure will allow EMI to benefit from Terra Firma’s experience in strategically transforming businesses and driving operational change. The initial focus will be to maximize the value of the significant assets in EMI’s publishing business and to realize the digital opportunity in recorded music," Hands said in a statement. "We will invest in the business to ensure that it grows both organically any by acquisition. The goal is for EMI to be the world’s most innovative and consumer-focused music and the best home for musical talent," he continued.