EMI unveils restructure plans

[June 18, 2010]  LONDON (AP) -- British recording company EMI Group PLC says it is planning to reposition itself as a wider rights management company and has appointed Roger Faxon as group chief executive.

Revealing the results of a strategic review on Friday, EMI said that it plans to combine EMI Recorded Music and EMI Music Publishing under one global head. Faxon has been chairman and chief executive of EMI Music Publishing since 2007.

Charles Allen, former EMI Music chairman, will become an adviser to EMI and its shareholder, Terra Firma.

EMI -- home of the Beatles, Lily Allen and Norah Jones -- revealed last month that financier Guy Hands' private equity firm, Terra Firma, was investing additional money to fend off foreclosure by its main lender, Citigroup.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.