Broken Record: Music Chief Is Out at EMI
da: The New York Times
The troubled music company EMI announced Wednesday that Elio Leoni-Sceti, the chief executive of its recorded music division, would step down at the end of the month. The company gave no reason for Mr. Leoni-Sceti’s unexpected departure.
Mr. Leoni-Sceti has held the job since 2008, when he was brought in by Guy Hands, the British financier who runs the private equity firm Terra Firma, which bought the music company in 2007. The company has fought an uphill battle in recent years, as Terra Firma’s debt load from the purchase, combined with declining sales across the…