EMI Group's new owners Terra Firma have ousted Eric Nicoli and shaken-up the music company's board.

Nicoli, the CEO of EMI Group and EMI Music, has agreed to "step down" ahead of the music major's expected Sept. 18 de-listing from the London Stock Exchange, according to a joint statement issued this morning. Billboard.biz reported earlier this month that Nicoli was on the outer.

Meanwhile, the European equity firm's managing directors Chris Roling and Ashley Unwin have been inserted into EMI's board. Roling becomes COO of EMI Group and CFO of EMI Group and its recorded music division EMI Music. Unwin has been appointed director of business transformation for EMI Group and EMI Music.

At the same time, EMI Group and EMI Music CFO Martin Stewart will follow Nicoli, having resigned as an EMI director, the statement reads.

EMI Music Publishing chairman and CEO Roger Faxon will continue to serve in his roles, and on the company board.

Terra Firma has also instigated a new governance structure, which will see the EMI board reporting into a new supervisory board chaired by the equity house's CEO Guy Hands. Fellow supervisory board member Julie Williamson, a Terra Firma managing director, will focus on EMI's strategic business relationships.

Hands paid homage to Nicoli and Stewart in today's statement. "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."

Before joining EMI Group in 1999 as executive chairman, Nicoli served at United Biscuits for 19 years, rising to group CEO.

Stewart was recruited to EMI in January 2005 after a stint as CFO with British Sky Broadcasting Group plc.

Until today's notice, Hands had not publicly commented on Terra Firma's ambitions for EMI since the firm made its initial May 21 bid for EMI at 265 pence per share, valuing the music giant at £2.4 billion ($4.7 billion).

Hands today reiterated that EMI's new owners have ambitions to grow the company 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," Hands said. "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."