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No Additional Job Cuts, EMI Says
May 13, 2008
- Global
By Lars Brandle, London
Guy Hands' reorganization of EMI is almost complete, and will not entail a further round of job cuts, beyond what was previously announced, the music major claims. A spokesperson for the British-based company today dismissed a report published in the Daily Telegraph newspaper, which claimed that EMI was planning to wield the axe once more.
"There are no additional redundancies to those already announced in January," says an EMI spokesperson. "The restructuring is on plan and the new organization will be fully up and running by the end of June."
Hands, the executive chairman of EMI, led the buyout of the music company last summer through his private equity firm, Terra Firma.
As part of his overhaul of the company's troubled recorded music division, Hands told staff in January that between 1,500 and 2,000 positions would be made redundant. Following completion of its structure under Hands, EMI's recorded music division is expected to have roughly 2,700 employees worldwide, according to an EMI spokesperson.
Citing unidentified sources, the Telegraph reported that Hands had told senior EMI directors last week that its recorded music division would be pared-down further, to a total of 2,000 employees.
The industry is currently abuzz with reports circulating on the departure of several high-level EMI executives, including Ferdy Unger-Hamilton, the recently-promoted president of A&R Labels, Virgin, along with EMI Music U.K. senior VP Mark Collen and EMI managing director Terry Felgate. Although EMI won't comment on those departures, the company has acknowledged the exit of Mike McMahon, who was senior VP, commercial for EMI Music U.K.
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