Fifield EMI exit = $20 mil

Biggest golden handshake ever in Britain

EMI Music prexy and CEO Jim Fifield is widely reported to be set to ankle his position for a payoff of as much as $20 million, the biggest golden handshake in British corporate history.

Fifield had been tipped to become chief executive of EMI Group, taking over control from chairman and CEO Colin Southgate (Daily Variety, Jan 19).

But Fifield was unexpectedly sidelined at a Feb. 20 board meeting when key board members were unwilling to approve a succession plan giving Fifield the top job.

For the time being, EMI Music will forgo having a chief exec. The company will be jointly run by Ken Berry, who heads up the company’s record labels, and Martin Bandier, who is in charge of EMI Music Publishing.

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