News article

Senior EMI staff to lose jobs

Senior EMI staff to lose jobs
//
The people behind the acquisition of EMI by Guy Hand are to lose their jobs after his private equity house Terra Firma had to pump more money into the music group, stock market traders may be interest to learn.

According to the Financial Times, Chris Rolling, who was appointed chief operating officer and chief financial offer of EMI will leave Terra Firma, as will the music company's chief operating officer for the UK and North America, Ashley Unwin.

Terra Firma put more funds into EMI in September to boost its earnings to meet the terms of £2.6 billion loan from Citigroup, a Financial Times analysis found.

EMI, which was acquired by Terra Firma in 2007, represents artists including Lily Allen, Coldplay, Lenny Kravitz, Katy Perry and Robbie Williams.

The company also handles the back catalogues of The Beatles, Pink Floyd and The Beach Boys.ADNFCR-1681-ID-18909494-ADNFCR