As expected, EMI chief executive officer Eric Nicoli will step down shortly before the troubled record company’s acquisition by the private equity group Terra Firma is finalized. [Reuters]
Will anyone in their right mind want this job?
Apparently, some Terra Firma MD is the new COO/CFO and is in charge for the time being, which makes this all the more heartbreaking and hilarious at the same time, esp. in light of the fact that the only exec that will stay on is the head of music publishing. Squeezing blood from a stone, much?
Is it bad that I have total sick fascination with this train wreck? Watching this unfold will be … thrilling, as indicated in the Times (o’ London) [emphasis mine]:
Chris Roling, who had previously worked at the chemicals group ICI as vice-president, finance, procurement and logistics, becomes chief operating officer and chief financial officer. Mr Roling is effectively becoming chief executive, reporting to Terra Firma’s boss, Guy Hands, who will chair a newly created supervisory board.
Helping Mr Roling to run EMI as director of business transformation is Ashley Unwin, who used to work at Deloitte Consulting. Mr Unwin’s job is to asses the quality of EMI’s managers – in particular its geographical chiefs, Roger Ames in North America, Tony Wadsworth in the UK, and Jean-Francois Cecillon in continental Europe – and to establish if the music company has the correct organisational structure.
The third appointment from Terra Firma is Julie Williamson, a long-time associate of Mr Hands, whose job will be to examine the company’s strategic relationships with the likes of Apple and other retailers. Ms Williamson has been heavily involved in Terra Firma’s pub deals, and most recently the ownership of Tank & Rast, the German motorway service station group.
Let’s just say that when someone has the title of “Director of Business Transformation” that is never, ever, ever a good thing.
This is the funniest thing I’ve read yet. God bless the future of the music industry!
Chris Roling, who had previously worked at the chemicals group ICI (they bought and buried Glidden Paint on this side of the Atlantic) …
Guy Hands (the name alone is precious), who will chair a newly created supervisory board …
Helping Mr Roling to run EMI is Ashley Unwin, who used to work at Deloitte Consulting …
… to establish if the music company has the correct organisational structure …
Julie Williamson, a long-time associate of Mr Hands, who has been heavily involved in Terra Firma’s pub deals.
It sounds like the plot line for an imported PBS comedy. I think this new team needs a visit from the esteemed Mr. Owsley for a corporate retreat crash orientation.
Oh, sweet Jesus … pub deals and motorway service station group … ! And a Deloitte consultant to help check your oil. Oh, sorry, they don’t do that any more. Holds the key to the washroom now.
Monty Python material. Or Prairie Home Companion. The names alone deserve an award.
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