EMI appoints new music boss

EMI has replaced the boss of its music division.

Alan Levy is now chairman and chief executive of EMI Recorded Music.

He takes over from Ken Barry, who was under fire for signing Mariah Carey in one of the most expensive deals ever - said to be worth about $20m per album for four albums.

EMI also said its trading and expectations remain in line with the update issued in September, when it warned that full-year pretax profits would fall by 20%.

Over the past year the group's market value has plumeted from nearly £10bn to just £1.9bn.

Mr Levy was president of PolyGram when it was the world's largest and most profitable record company, EMI says.

In his new role he will have global responsibility for all of EMI Recorded Music's operations, reporting to group chairman Eric Nicoli.

EMI has also appointed David Munns, also a former executive of PolyGram, as vice chairman of EMI Recorded Music with special responsibility for global marketing and human resources. He will be reporting to Levy.

Nicoli says Levy "brings a unique blend of creative, commercial, strategic and leadership skills to take the business forward to the next level".

"He and David are two of the world's finest music executives and are a proven winning team. They have a tremendous track record of generating value for shareholders by creating an environment in which artists and management can flourish and I am delighted that they have agreed to join us," he said.