EMI execs depart

Key players in the takeover of EMI by Terra Firma have left their jobs.

Central figures in the buy out of EMI have left the private equity company, Terra Firma, without being put into a different role.

The new chief executive Elio Leoni-Sceti was recently instated, following a 20 year career in Marketing, and it’s been reported in several newspapers that he is now bringing in his own management.

Chris Roling, a senior director at EMI and managing director of portfolio businesses for Terra Firma and Ashley Unwin, the managing director of talent at the private equity firm have both left.

This is also the case with another director at EMI, Francois Van Der Spuy, and it is believed that another three executives are soon to follow, which the company declined to comment on.

This allegedly includes Terra Firma’s operational managing director, who has been in charge of EMI’s Recorded Music Catalogue since March, and EMI’s financial managing director, Riaz Punja.

A spokesman for EMI denied reports in the Financial Times today that Terra Firma was forced to pour another £65 million into the music company to stop it breaking agreements with its banks.

During the takeover, the investment vehicle, Terra Firma, reportedly injected in the region of £3.2 billion into EMI, which looks after the likes of Coldplay and Kylie Minogue, one of its largest investments.

The £2.4 billion takeover of EMI by Terra Firma, while the company was in the control of Guy Hands, took place in May 2008.

And it was finalised with the backing of £2.6 billion from Citigroup, a loan which has now been undertaken by the US government, following the credit crunch.

There is further speculation that Terra Firma is reducing its staff as a result of the troubled economic climate.

source: http://www.bbc.co.uk/6music/news/20081203_terrafirma.shtml