(UPDATED)
Charles Allen To Step In As Executive Chairman
Elio Leoni-Sceti, EMI Music’s Chief Executive will
be leaving the company on March 31st. Leoni-Sceti came to the company with background in consumer retail and another non-music executive Charles Allen will now be taking the helm at EMI as Executive Chairman. Allen has been non-executive Chairman of EMI Music since January 2009, chairing its Board.
The shift in leadership comes at a difficult time for EMI. The first rulings in a case against investor CitiGroup should be forthcoming. EMI must also make a payment to Citi of $160 million by March 31st on its $4.5 billion loan as well as pass a solvency test.
Leoni-Sceti has only been with EMI for less than two years, but the company is trying to paint the best picture possible of his departure. In a statement the label group lauds Leoni-Sceti for having "successfully led EMI Music through the first phase of its operational turnaround ...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."
Background On Charles Allen:
Aged 53, he
was Executive Chairman of Granada plc from 2001-2004 and then Chief
Executive of ITV plc from 2004 to 2007, having led the business through the merger of Granada and Carlton
Communications plc. He is currently a non-executive director on a
number of boards and an adviser to Goldman Sachs.
From the press release:
Charles Allen said: “Elio has done a great job. I have thoroughly enjoyed working with him; he is a very talented executive and we all wish him well in the future. Our goals for EMI Music remain the same. 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. This is a great business – our task is to ensure it has a great future.”
Elio added: “EMI is a wonderful business with a great team and new creative and operational momentum. My job here is now done and it is time for me to move on. It has been a pleasure to work with Charles and so many other talented and committed people. I look forward to seeing the company go on to further success in the future.”
