In an extraordinary about-face, Vince Power has reversed his decision to exit Mean Fiddler Music Group and the publicly-listed company's CEO has abruptly exited.

In an extraordinary about-face, Vince Power has reversed his decision to exit Mean Fiddler Music Group and the publicly-listed company's CEO has abruptly exited.

Power had last week unveiled plans to sell his 35% stake in MFMG, in a move which presaged his departure from the company he founded 23 years earlier. In light of today's news, Power will retain control of the company.

Meanwhile, the group's CEO Dean James has been "removed" from the board with immediate effect, and a successor will be sought, according to the company. James joined the company four years ago as COO. No reason was given for his departure.

The chain of events were announced this morning (Oct. 5) through a statement to the London stock exchange. The company's shareprice closed down 22.43% to 41.5p after news.

London based MFMG has also reversed its decision to acquire download music firm Media Internet Telecom Ltd (MIT) for £5.7 million ($10.34 million). MFMG has scrapped plans for a share placing to raise cash for the acquisition.

The two firms recently established a joint venture offering downloads of live performances from MFMG venues and events.

As a result of the decision, MIT's Monaco-based founder Richard Clingen will no longer be joining the MFMG board. Clingen was to succeed Power as chairman.

It is unclear whether outgoing managing director Melvin Benn will return to the company. Benn declined to comment.