Riding The Wave...
Circumstances have rendered Roger Faxon, CEO of EMI Group since mid-2010, the industry's most prominent lame-duck executive. Citigroup's auction of EMI last year ended with a Sony-led consortium submitting the winning bid for the music-publishing business and Universal Music Group prevailing in the bidding for the recorded-music operations, although both deals are subject to regulatory approval. Just where Faxon will land next isn't clear. What is certain is that the veteran executive did no harm to his own reputation when he provided the major-label group with a level of much-needed operational stability-all while its embattled owner, Terra Firma, was flailing and fighting, publicly struggling to meet its debt obligations to lender Citigroup. In 2011, EMI's share of U.S. album and track-equivalent album sales stood at 9.2%, down from 9.7% the prior year but up from 8.8% in 2009, according to Nielsen SoundScan. In addition to having previously served as EMI Group CFO and chairman/CEO of EMI Music Publishing, Faxon has also held senior executive posts at Lucasfilm, TriStar and Columbia Pictures. So the man's got options.
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