Former ITV boss Charles Allen takes helm at EMI
Wednesday 10 March 2010
Music group EMI today named former ITV boss Charles Allen as executive chairman as the firm battles to improve its fortunes.
The group, which counts Robbie Williams and Coldplay among its artists, said Mr Allen would take on the combined role as current music chief executive Elio Leoni-Sceti prepares to leave at the end of March.
Mr Allen took on the role of non-executive chairman in January and today promised to ensure the firm has "a great future".
EMI, which is owned by private equity company Terra Firma, has seen its finances strained by difficult trading since it was taken over in 2007.
It posted a £1.75 billion loss for the year to March 2009 in accounts released last month after suffering more than £1.1 billion in one-off write-downs and restructuring charges.
Mr Allen, 53, was executive chairman of Granada from 2001 to 2004 and then chief executive of ITV until 2007.
He was at the ITV helm during the merger of Granada and Carlton that created the broadcaster, but his tenure was also slammed for its lack of creative leadership.
His successor Michael Grade said some of ITV's shows were "creatively bankrupt" after he took over, while regulatory controls placed on the company following the tie-up caused a fear of ratings failure.
Today Mr Allen said his goals for the EMI music business remained the same as his predecessor.
"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," he said.
"This is a great business - our task is to ensure it has a great future."
EMI said Mr Leoni-Sceti had successfully led the company through the "first phase of its operational turnaround".
"Over the past two and a half years, 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," the firm said.
It said sales were up as a result, while market share had also improved and EMI grew underlying profits during the year to last March.
But the new boss has several challenges ahead as EMI presses on with recovery plans.
EMI cut more than 2,000 jobs in 2008 and recent reports have suggested cost cuts aimed at stripping millions from the business are in the offing.
Terra Firma took on huge debts when it bought the firm for £4.2 billion three years ago and it is thought to be in danger of breach lending terms without further investment - handing control to lender Citigroup.
The music firm is also currently engaged in legal action against Citigroup, claiming the group "misrepresented fundamental facts" over the sale of EMI.
It alleges Citigroup falsely said there were other bidders for the record company, causing it to raise its bid. Citigroup denies the allegations.
As anti-Semitic attacks rise, Grant Feller re-evaluates his identity
Savoury patisserie is a thing now
Meet the primary school where every day is National Poetry Day
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
Gillian Anderson lays into gender disparity in Hollywood
Striker ignored Brendan Rodger's request to applaud audience
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Stella McCartney apologises over controversial 'very ill' model picture on Instagram
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole named 'the most dangerous celebrity' on the internet
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...