(UPDATED) EMI announced a major restructuring this morning combining its successful publishing arm with its struggling recorded music division. Former EMI Publishing head Roger Faxon has been named Group Chief Executive and Charles Allen formerly non-Executive Chairman of EMI Recorded Music will become an adviser to EMI and its shareholder, Terra Firma.
"A Global Rights Managment Company"
"More music is being used than ever before, despite the continued decline in global music revenues," the company said in a statement released this morning. "As a result, the management structure of EMI is being changed to enable the company to reposition itself as a comprehensive rights management company that can take full advantage of all global opportunities in all markets for music."
Stephen Alexander will become Chairman of Maltby Capital, the holding company of EMI. Stephen has been a director of Maltby Capital for the past 18 months and was formerly an operational Managing Director of Terra Firma.
Lord Birt, formerly Chairman of Maltby Capital, will move on to other Terra Firma assignments, focusing on acquisitions and strategy, whilst continuing to represent Terra Firma on the Board of Infinis.