WaTunes: EMI publishing head Faxon to take helm and chart new course for troubled group
EMI has named Roger Faxon as CEO, after a strategic review of the record company and a capital injection by shareholder Terra Firma Capital Partners to keep creditors at bay.
Mr Faxon, who has headed EMI’s New York-based publishing business since 2007, will oversee the recording and publishing units. Charles Allen, who just months ago was named executive chairman of recorded music, now becomes adviser to EMI and Guy Hands’s Terra Firma.
“This is a new approach … that needs to happen. We’re putting teams together across the business to give the greatest chance for success,” Mr Faxon said.
EMI, which is home to artists including The Beatles, Kylie Minogue and Coldplay, is repositioning itself as a “comprehensive rights management company” after the £105m capital injection to meet loan agreements.
Mr Hands bought EMI at the height of the buyout boom in 2007 and had to convince investors to put more money into it after breaking covenants.
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