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London — Terra Firma, the new owner of EMI Group, ousted CEO Eric Nicoli on Wednesday and shook up the music company’s board (HR 8/30).
Nicoli has agreed to “step down” ahead of the music major’s expected Sept. 18 delisting from the London Stock Exchange.
The European equity firm also said Wednesday that its managing directors Chris Roling and Ashley Unwin have been added to EMI’s board. Roling becomes COO of EMI Group and CFO of EMI Group and its recorded music division EMI Music. Unwin has been appointed director of business transformation for EMI Group and EMI Music.
Terra Firma also said that EMI Group and EMI Music CFO Martin Stewart will follow Nicoli, having resigned as an EMI director.
Terra Firma also has instigated a new governance structure, which will see the EMI board reporting into a new supervisory board chaired by the equity house’s CEO, Guy Hands.
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