Charles Allen appointed new chief executive of EMI Music
Charles Allen has been appointed as the new chief executive of the Terra Firma owned; EMI Music replacing Elio Leoni-Sceti who is leaving the company amid many court battles and enormous public interest.
Mr. Allen has worked his six years at the British broadcasters Granada and ITV where he broadly earned a reputation of being an 'accountant'. EMI is nearing deadline of mid-June to raise new funds and its new head use his 'accounting' experience.
While leaving the company Mr Leoni-Sceti simple said "my job here is now done" which is highly doubted. The company is to present a business plan to its parent company Terra Firma in about eight weeks from the time of him leaving the firm.
He has worked with the detergent company Reckitt Benckiser before he joined EMI in 2008. He was brought in to "shape, drive and lead EMI to become the world's most artist-focused and consumer-friendly music company".
Terra Firma has seen troubled relations with some established artists and it even had to segregate them from its executives to carry out marketing plans for albums it released.
The company has to focus on increasing sales, getting a bigger market share and improving margins. The margins have improved from below 5 per cent before Mr Leoni-Sceti's arrival to around 15 per cent in 2008-09.
Mr. Allen said his aim in the company would be "to ensure it has a great future." He added that he would "focus on creativity" and deliver a "digital platform."
