Execs take co-CEO titles until April 2007.
Roger Faxon has risen within EMI Music Publishing's ranks in line with the succession plan for its worldwide chief Martin Bandier.
Faxon and Bandier now share the title as co-CEO of the music publishing giant.
In a statement issued yesterday (April 3) to the London Stock Exchange, EMI also confirmed that Faxon has been appointed director of the company, with effect from April 1. At the same time, Bandier has stepped down as a director.
The multi-stage transition plan for Bandier, the publishing company's long-serving chairman/CEO, was announced in January 2005.
Under that process, Faxon relocated from London to the publishing unit in New York--where he spent three years as CFO--to become its worldwide president/COO.
The pair will now share the CEO title until April 1, 2007. After that date, Faxon will become sole CEO while Bandier will remain as full-time chairman until March 31, 2008. Thereafter, Faxon will add the chairman title.
After exiting the company, Bandier will remain under a consulting contract for an additional three years.