He was named president in 2004

EMI Brazil president Marcos Maynard has left his post, Billboard.biz has confirmed.

No successor has been named yet for Maynard, although sources say several candidates are being considered. For the time being, EMI Latin America president/CEO Marco Bissi will supervise Brazilian operations.

Maynard’s departure followed a “one-off” accounting fraud at EMI Brazil that led to a slide in revenues for the EMI Group (Billboard.biz, Nov. 15). The mishap, discovered at EMI Music Brazil in October, resulted in an overstatement of revenue by an estimated $22.7 million.

Prior to Maynard’s departure, EMI had let go Amaury Bonato, the Brazilian company’s head of finance.

Maynard, a veteran music executive known for his marketing savvy and his eye for A&R and new artist development, had been named president of EMI Brazil in May of 2004.