Music company Sanctuary Group has ousted chief exec Andy Taylor as a director of the company after discovering errors in the way the company’s accounts were presented.
Frank Presland, chief executive of Twenty-First Artists Management, which looks after the interests of Elton John and James Blunt, among others, has replaced Taylor as Sanctuary CEO for the remainder of 2006.
In a statement, Sanctuary said its decision to remove Taylor followed its conclusion that certain prior year adjustments made in the 2005 accounts should have been presented as a correction of fundamental errors and not as changes in accounting policy.
The board reached this conclusion in response to questions raised by the Financial Reporting Review Panel.
Taylor formed Sanctuary Group with Rod Smallwood in 1976. The pair met at Cambridge U. and began their music-industry careers by managing Iron Maiden. The band remains a Sanctuary-managed act.
As chairman of Sanctuary, Taylor added many divisions to the company, such as live agency, record labels, music publishing, DVD production, merchandising and recording studios.