EMI says no more job cuts
Guy Hands' reorganization almost completeLONDON -- Guy Hands' reorganization of EMI is almost complete and will not entail more job cuts, the company said Tuesday.
A spokesperson for the Britain-based company dismissed a report published Tuesday in the Daily Telegraph that claimed EMI was planning to wield its ax again.
"There are no additional redundancies to those already announced in January," the spokesperson said. "The restructuring is on plan, and the new organization will be fully up and running by the end of June."
Hands, EMI's executive chairman, led the buyout of the music company last summer through his private-equity firm Terra Firma.
As part of his overhaul of the recorded music division, Hands told staff in January that 1,500-2,000 positions would be made redundant. After the restructure, the unit is expected to have about 2,700 employees worldwide.