EMI chiefs to quit

Chiefs at music label EMI have announced they are to quit ahead of the company's official take-over.

Group CEO Eric Nicoli and chief financial officer Martin Stewart are leaving the company before its take-over by private equity firm Terra Nova and its de-listing from the stock market on September 18.

The two will be replaced by Terra Firma's Chris Roling who will take on the post of chief operating and financial officer and Ashley Unwin who will become director of business transformation for EMI Group and EMI Music.

As a result of the management reshuffle, Mr Nicoli and Mr Stewart could be in line for multi-million pound 'golden goodbye' payments, although EMI will not comment on their leaving packages.

The group's annual report shows that on termination of employment, Mr Nicoli is entitled to a lump sum payment of at least £1.7 million and Mr Stewart of approximately £1.3 million.

The company has confirmed chairman and chief executive of its music publishing arm, Roger Faxon, will remain in his position.

EMI which is home to stars such as Robbie Williams and Amy Winehouse, has suffered financially because of falling music sales in recent years.

The group's most recent annual results showed profits before tax and adjustments fell from £118.1 million to a loss of £263.6 million.

However, the company's music publishing operation, saw full year underlying earnings up 4.2 per cent to £105.6 million.

© Independent Television News Limited 2007. All rights reserved.

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