EMI Group plans to issue a profit warning and say that its two top recorded-music executives are leaving, the Wall Street Journal reported on its website yesterday, citing people familiar with the matter.
The departures of EMI Music chairman and chief executive Alain Levy and vice-chairman David Munns
would probably be announced today, the Journal said.
The New York Times reported that Levy had been fired ahead of a broad reorganisation aimed at reviving the flagging company, citing executives briefed on the plan.
EMI chairman Eric Nicoli was also expected to make other changes that would result in significant layoffs, those executives told the Times.
One candidate who could step in at EMI is former Warner Music chairman Roger Ames, who for the past few months has served as an EMI consultant, the Journal reported.
EMI is home to acts including Robbie Williams and Norah Jones, and holds the Beatles catalogue.
- REUTERS
