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Nicoli falls on his sword as he pays price for EMI performance.
Swift departures "a shock" for EMI staff as CEO Eric Nicoli and CFO Martin Stewart step down in advance of Terra Firma ownership
EMI Group CEO Eric Nicoli finally paid the price for nine months of bad news, bad results and - some argue - bad management when he left EMI last Friday.
Alongside EMI Group chief financial officer Martin Stewart, Nicoli fell on his sword and "agreed to step down" in advance of the company being taken private later this month.
With Nicoli gone, a former Imperial Chemical Industries finance, procurement and logistics senior vice president has become one of the most senior men. Chris Roling, who only joined Terra Firma from ICI this year, is being installed as chief operating officer and chief financial officer of EMI Group and EMI Music.
He will work closely with former Arthur Andersen consultant Ashley Unwin, who takes on the newly-created role of director of business transformation for EMI Group and EMI Music.
By all accounts, Nicoli's departure was swift and surprising, with most senior executives hearing by memo at a little past 8am on the morning of Wednesday, August 29. Nicoli had left the building by Friday. "It came as quite a shock," says one senior member of the management team. However, EMI Music Publishing chairman and CEO Roger Faxon has agreed to remain with the company.
When EMI rejected Warner Music's overtures and accepted Terra Firma's offer for the business in May, it was assumed that Nicoli might have believed his - and his team's - future would be more secure under private equity ownership than with a Warner tie-up.
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