Regulatory News Service
EMI Group plc
New Board and Management Structure
In connection with Terra Firma’s acquisition of EMI Group plc ("EMI" or "the Group"), EMI is pleased to announce the appointment to its board of Chris Roling and Ashley Unwin (both Managing Directors of Terra Firma Capital Partners Limited ("TFCP")). Chris Roling has been appointed as Chief Operating Officer of EMI Group and Chief Financial Officer of both EMI Group and EMI Music and Ashley Unwin as Director of Business Transformation for EMI Group and EMI Music.
Eric Nicoli, Chief Executive Officer of EMI Group and EMI Music, has agreed to step down in advance of the de-listing of the Group which is currently anticipated to take place on or around 18th September. Martin Stewart, CFO of EMI Group and EMI Music, has resigned as a Director of EMI. Roger Faxon will continue in his current role as Chairman and CEO of Music Publishing and will remain on the board.
In addition, a new governance structure is being implemented which will involve the EMI board reporting into a new supervisory board to be chaired by Guy Hands, Chief Executive of TFCP who will be joined by certain senior TFCP executives, including Julie Williamson, a Managing Director of TFCP, who will focus on EMI's strategic business relationships.
Guy Hands said:
“I would like to thank Eric Nicoli and Martin Stewart for their service to the Group. Eric has steered EMI through a period when the industry has faced extreme change and we thank him for providing a smooth transition into our ownership.
Terra Firma's success is founded upon the real commitment it makes to the businesses in which it invests. The new management structure will allow EMI to benefit from Terra Firma's experience in strategically transforming businesses and driving operational change. The initial focus will be to maximise the value of the significant assets in EMI's publishing business and to realise the digital opportunity in recorded music.
We will invest in the business to ensure that it grows both organically and by acquisition. The goal is for EMI to be the world's most innovative and consumer-focused music company and the best home for musical talent. EMI is privileged to have an extraordinarily gifted base of artists, songwriters and staff, and we will work with them to achieve objectives that serve consumers worldwide.”
No information is required to be disclosed pursuant to LR 9.6.13R in respect of the appointments of Chris Roling and Ashley Unwin.
Notes to editors
Guy Hands
Guy Hands is TFCP’s Chief Executive Officer and Founder. Guy sits on the Investment Advisory Committee and General Partners’ boards and has overall responsibility for the direction of Terra Firma and its investment strategy. He is involved in all major commercial issues, in particular those concerning acquisitions, exits and portfolio business strategy.
Guy started his career with Goldman Sachs International where he went on to become Head of Eurobond Trading and then Head of Goldman Sachs’ Global Asset Structuring Group. Guy left Goldman’s in 1994 to establish the Principal Finance Group (PFG) at Nomura International plc which acquired 15 businesses with an aggregate enterprise value of €20 billion. Guy led the spin out of PFG to form Terra Firma in 2002.
Chris Roling
Chris joined TFCP as a Managing Director in 2007 from Imperial Chemical Industries, where he was Senior Vice President Finance, Procurement and Logistics. Prior to that, Chris held senior international CFO, general management and strategy roles with Aventail Corporation, Getty Images, The Kellogg Company, RJR/Nabisco and PepsiCo.
Ashley Unwin
Ashley Unwin is Managing Director of Talent at TFCP with responsibility for ensuring the appropriate leadership for both prospective acquisitions as well as the current portfolio businesses. In addition, he advises on the structure of the businesses and the execution of their strategies.
Prior to joining TFCP in 2007, Ashley was a management consultant, firstly with Arthur Andersen where he had responsibility for the Strategy and Organisation consulting practice and then with Deloitte Consulting where has was a member of the UK executive.
Julie Williamson
Julie Williamson is a Financial Managing Director at TFCP. She led the team making the investment in Tank & Rast and was responsible for its refinancing in 2006 and the partial exit in 2007. Julie was also heavily involved in the group’s pub businesses.
Prior to joining the group in 1998, Julie worked for Nomura heading the legal team that provided legal risk analysis and transaction execution support for the group. Prior to that, she was a banking lawyer in private practice.