Jeremy Lascelles has risen to CEO of Chrysalis Group plc as part of a wider reshuffling of the British music and media firm's board.
Lascelles, until recently CEO of the Chrysalis Music Division, replaces Richard Huntingford, who has resigned with immediate effect, the company said today.
Chyrsalis' new executive management will comprise executive chairman/founder Chris Wright and Lascelles, the company explained in a statement issued to the London Stock Exchange.
Meanwhile, Chrysalis Music's finance director Andy Mollett, who recently joined the independent firm from EMI Music Publishing U.K., will take over as group finance director, with effect from Feb. 1, 2008.
Mollett succeeds finance director Michael Connole, who will leave Chrysalis on Jan. 31, 2008, following an agreed handover period.
Separately, the group today reported that its preliminary results for the year-ended Aug. 31 were "in line with our expectations," with the Chrysalis Music division achieving strong year-on-year increase in earnings before interest, tax and amortisation (EBITA).
The group said in a pre-close update that it expects Chrysalis Music to report a weaker first half for the 2008 financial year compared to the same period last year, given that the arm has had a relatively quiet release schedule going into the new financial period.
It added, however, that it remains confident on a return to its "long-held" objective of net publisher's share (NPS) growth in excess of 5% per annum, ahead of market growth, as it moves into its second half.
That's thanks to a much busier release schedule over the coming months with albums expected from the likes of Gnarls Barkley, Feeder and a hits compilation from David Gray, each of which will contribute to the company's second half and future years' mechanical and performance income streams.