EMI bosses quit troubled firm

Top bosses at troubled music label EMI are to quit the group as the firm’s new private equity owners prepare to take the company private, it was announced today.

Group chief executive Eric Nicoli and chief financial officer Martin Stewart are stepping down ahead of the EMI’s de-listing from the stock market on September 18 after its takeover by Terra Firma.

EMI – home to stars including Amy Winehouse, Robbie Williams and Lily Allen - confirmed that the head of its music publishing division, New York-based chairman and chief executive Roger Faxon, will remain in his position.

Mr Faxon’s music publishing arm is one of EMI’s only strongly performing divisions as the group has struggled amid a declining market for CD-based sales and competition from digital downloading.