EMI is expected to announce on Friday (Jan. 12) the dismissal of vice chairman David Munns and EMI Music chairman/CEO Alain Levy, sources confirm to Billboard.biz.

The high-powered music executives are being cut in a massive restructuring of EMI, according to a report first published online by the Financial Times.

Their dismissal will be accompanied with a profits warning at the company, according to the report. EMI chairman Eric Nicoli is expected to announce a broad reorganization of the company, including a number of significant layoffs.

An EMI spokesperson declined to comment.