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Musical chairs again, at EMI

By
Claire Atkinson
Published June 19, 2010, 4:00 a.m. ET

Terra Firma chief Guy Hands has shaken up the management ranks of legendary music giant EMI yet again — announcing a surprise reshuffle yesterday that put a 16-year company man, Roger Faxon, in as CEO and shunted aside two of Hands’ outside hires.

The management changes have stunned music industry insiders on both sides of the Atlantic as well as EMI’s own employees.

Just three months ago, the company’s CEO Elio Leoni-Sceti stepped down after just 18 months in the top spot — and his responsibilities were taken over by former TV executive Charles Allen, who was then named CEO.

Allen is now gone after roughly 100 days on the job. He is now an adviser to Terra Firma, the private equity company that owns EMI.

Faxon is a former COO at LucasFilms and worked at Sotheby’s auction house before joining the company in 1994. Most recently he led one of EMI’s two units, music publishing. His appointment is part of a new strategy to position the firm as a “comprehensive rights management company,” the company said in a statement.

Terra Firma, struggling under a mountain of debt, recently bought itself some more time by making a $156 million debt payment to sidestep a default.

In an interview with The Post, Faxon said: “We are starting to develop specific actions that we want to take to improve the course of the business,” which would become known in the coming weeks.

Amid its financial battle, EMI has seen some significant names walk out of the door, including Paul McCartney, The Rolling Stones and Radiohead.