December 02, 2008

By By Chris M. Walsh, N.Y.

Top Terra Firma executives stewarding the management of EMI Music have left the private equity investment firm, according to the Telegraph.co.uk.

Chris Roling, Terra Firma's managing director of portfolio businesses and a senior director at EMI, has left the business and has not been placed in another role at the private equity group. Roling was appointed to the chair of EMI's Operating Board, which dealt with all day-to-day business decisions, and as president and COO of EMI Music in April 2008. Prior to that, Roling had been working as CFO of EMI Music and COO of the international labels beginning in January.

Ashley Unwin, Terra Firma's managing director of talent and the exec who was head of North American and U.K. A&R until Nick Gatfield joined the company, has departed. Unwin also worked at EMI as chief operating officer for the UK and North America.

Additionally, Francois van der Spuy, another Terra Firma director working at EMI, has left, according to the report, and more exits could be just around the corner. Stephen Alexander, leading EMI's catalog business, and Riaz Punja, the financial managing director, could be in talks to leave as well.

The Telegraph states: "Sources said that EMI's new chief executive Elio Leoni-Sceti, who recently joined as chief executive of EMI Music after a 20-year career in marketing, was keen to bring in his own management. Terra Firma has refused to provide any detail on why the senior members of staff were not reinstated into new roles at EMI."

EMI and Terra Firma declined to comment.

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