EMI, the struggling London-based music company, announced on Tuesday that Elio Leoni-Sceti is out as chief executive.
Charles Allen, who has served as non-executive chairman of EMI Music since January 2009, will become executive chairman.
“Our goals for EMI Music remain the same,” Allen said in a statement. “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.”
EMI thanked Leoni-Sceti for leading the company “through the first phase of its operational turnaround.” For his part, Leoni-Sceti said: “My job here is now done and it is time for me to move on.”
Last month, Terra Firma, the private equity firm that bought EMI for $3.6 billion in 2007, was said to be seeking between $160 million and $180 million “in life support” for EMI.
Terra Firma bought EMI, in part, with loans from Citigroup; Citigroup is now threatening to take control of EMI if those loans aren’t paid.
