Another week, another hiring, firing, lawsuit, or financial crisis at EMI or Terra Firma.
In the latest episode, recorded unit CEO Elio Leoni-Sceti is exiting after just two years, according to details confirmed by the label on Wednesday. The replacement appears to be Charles Allen, who now moves from a non-executive chairman role to an executive chairman slot at EMI Music. Leoni-Sceti came to EMI from Reckitt Benckiser, a consumer products company whose portfolio includes Lysol and Clearasil, among many others.
In official statements, the label group offered little indication of why Leoni-Sceti was leaving. The backdrop is certainly scary, though Leoni-Sceti managed a number of cost-cutting and streamlining initiatives. Those chops have been unpopular with artists (and many staff), though it remains difficult to blame the fallout entirely on Leoni-Sceti. In a letter recently unearthed, Leoni-Sceti complained to Terra Firma chief Guy Hands that broader turmoil was creating problems with artists and distribution deals.
Report by Alexandra Osorio.