UK - Terra Firma-backed EMI loses CEO
The chief executive and chairman of EMI, the record label acquired by Terra Firma in a ТЃ3.2bn take-private last year, has resigned. The news comes ahead of a restructuring plan for the group expected to be announced next week that will see hundreds of jobs axed.
EMI was bought by Terra Firma at the height of the liquidity crisis. Since its delisting, the business has suffered a number of set backs losing key signings Paul McCartney and Radiohead. Rumours have circulated in the industry that Coldplay may also quit the label.
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