In June 2010: "EMI, the debt-laden music group, yesterday surprised the market with a shake up of its board just a week after it received a £105m bailout from its private equity owner that saved it from falling under the control of its bank.
"As part of a wider strategy change, EMI said that Charles Allen – the executive chairman of EMI's recorded music division who was only appointed in March – was stepping down to become an "adviser" to the group and its owner, Terra Firma. Roger Faxon, the head of EMI's publishing division, has been promoted to be chief executive of the group.
"In further changes, Lord Birt, the chairman of Maltby Capital, the holding company of EMI, is also stepping down to focus on other assignments, notably acquisitions and strategy at Terra Firma.
Resources and articles
- EMI's chairman steps down as part of wider strategy revamp, independent.co.uk, accessed July 18, 2010.