EMI revolving door: Leoni-Sceti out. Allen in.
p2pnet view Music:- EMI isn’t in dire straits, despite the massive $3,012,441,629 millstone (more than three billion dollars) hanging around its neck and the fact Warner is once again casting a covetous eye upon it.
Au contraire, according to the Big 4 organised music cartel’s IFPI, “Over the past two and a half years, EMI Music has become a stronger and growing company, with a talented senior team, significant creative success and a more rigorous approach to marketing and operations. This has resulted in increased sales, improved market share and industry-leading EBITDA margins.”
But its revolving door is still turning.
From then to now …
In the spring of 2007, “Terra Firma plans to “build on EMI’s current position as one of the world’s leading music companies and accelerate the development of its digital and online strategy,” said Guy Hands (top). His Terra Firma Capital Partners was buying EMI Group Plc for £2.4 billion ($4.7 billion).
A year later Douglas Merrill quit his job as CIO of the net’s largest advertising company, Google, to become president of EMI saying, it’s a, “poor business model to sue your customers. I don’t think that’s a sustainable strategy.”
By March, 2009, he was gone and Guy Hands had resigned as CEO to “focus on running the private equity firm’s companies which include troubled EMI and dealing with its investors,” said the Independent, going on:
“Tim Pryce, who will assume the role of chief executive, is another founder member of Terra Firma. He worked with Mr Hands at Nomura, and is a member of the group’s investment advisory and remuneration committees as well as general counsel.”
Next up as CEO was Elio Leoni-Sceti who “successfully led EMI Music through the first phase of its operational turnaround,” according to the IFPI.
Leoni-Sceti had worked on such music industry projects as Veet hair remover and Finish dishwasher tablets.
He didn’t last long and leading the new talented senior team is former Charles Allen (bottom), “recruited by Guy Hands” as non-executive chairman in 2009, said the Guardian.
Digital platform
“Elio has done a great job”, says Allen in the IFPI puff piece.
What now?
“I will support and guide the group’s strong team, keep EMI’s focus on creativity and superb A&R, and deliver a digital platform”, says Allen.
Ahhh. A digital platform
“This is a great business – our task is to ensure it has a great future.”
EMI artists will no doubt be thrilled to learn that.
Stay tuned.
..… and identi.ca
First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
$3,012,441,629 millstone – EMI $3,012,441,629 in the hole, February 8, 2010
covetous eye – Warner, EMI: soon to be wed?, February 10, 2010
IFPI – Charles Allen becomes Executive Chairman of EMI Music, March 10, 2010
Guardian – Former ITV chief Charles Allen joins EMI, January 16, 2009
$4.7 billion – EMI sold for $4.7 billion, May 21, 2007
quit his job – Google guy jumps ship to run EMI, April 2, 2008
poor business model – Don`t sue, new EMI boss tells Big Music, April 3, 2008
Independent – Hands resigns from top job at Terra Firma, March 18, 2009
Veet hair remover – EMI to step up attacks on its customers, February 23, 2009
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March 12th, 2010 at 7:46 am
Lily Allen’s (since-reneged) pledge to permanently quit the music business might come true after all, as she rides her label EMI into the ground. (and will probably blame everything on filesharing)
This could be as much fun as watching MediaDefender go bankrupt. There’s sure to be plenty more rats leaving this sinking ship.