Top EMI execs Levy, Munns out in revamp
EmptyEMI is expected to announce today the dismissal of vice chairman David Munns and EMI Music chairman and CEO Alain Levy, sources said.
The high-powered music executives are being cut in a massive restructuring of EMI, according to a report first published online by the Financial Times. The label, home to such stars as Norah Jones and Coldplay and the vaults of the Beatles and Beach Boys, among others, has held on-again, off-again merger talks with Warner Music Group in recent months.
Levy and Munns' dismissal is expected to be accompanied by a profit warning at the company, according to the report. EMI chairman Eric Nicoli is expected to announce a broad reorganization of the company, including significant layoffs.
An EMI spokesperson declined comment Thursday.
Levy and Munns joined EMI in October 2001. The two had worked together at PolyGram in the 1990s until it was acquired by Seagram Co. in 1998. Shortly after joining EMI, Levy implemented a downsizing and restructuring program that eliminated 1,800 jobs.
Ed Christman is a senior correspondent for Billboard.