EMI Signals Bandier Succession Plan

EMI Group today (Jan. 6) unveiled a succession plan for its music publishing division and confirmed a new CFO.

EMI Group today (Jan. 6) unveiled a succession plan for its music publishing division and confirmed a new CFO.

After three years in his current role as EMI Group CFO, Roger Faxon will return to EMI Music Publishing in New York to take up the new post of president/COO starting Feb. 1. Faxon will also step down from the EMI board. His appointment comes with the view to succeed by 2008 EMI Music Publishing chairman/CEO Martin Bandier, to whom he reports.

On April 1, 2006, Faxon will rejoin the EMI board and become joint CEO of EMI Music Publishing with Bandier. At the same time, Bandier will step down from the board. As of April 1, 2007, Faxon will be sole CEO of EMI Music Publishing.

Bandier, meanwhile, has extended his contract as full-time chairman of EMI Music Publishing to run until March 31, 2008. Thereafter, Faxon will add the chairman title, and Bandier will act as a consultant to the publishing division for a further three years.

EMI Group chairman Eric Nicoli says the reunion of Faxon and Bandier will strengthen the company's publishing division. The pair worked closely together following Faxon's appointment in April 1999 as executive VP/CFO of EMI Music Publishing.

"Roger will bring his extensive skills and industry experience to bear in working with Marty and the impressive EMI Music Publishing team to take the business to new heights," Nicoli says in a statement.

To replace Faxon as EMI Group CFO, Nicoli has brought in Martin Stewart, who has until recently served as CFO of market-leading British satellite/cable TV service BSkyB. He joins the London-based company today and will assume duties as CFO on Feb. 1, reporting to Nicoli. Stewart will also join the company's board.

Nicoli describes Stewart as "an outstanding executive" who has "the talent to help us take the company to the next level of performance."


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