Two senior executives involved in Terra Firma’s acquisition of EMI have ankled their posts at the music company.
Chris Roling, EMI’s chief operating officer and chief financial officer; and Ashley Unwin, EMI’s chief operating officer for the U.K. and North America and Terra Firma’s managing director of talent, are out, as is Francois van der Spuy, another Terra Firma director working at EMI.
Terra Firma borrowed £2.6 billion ($3.88 billion) from Citigroup to buy EMI. The loan is now underwritten by the U.S. government as part of the bailout of Citi. Terra Firma reportedly had to make a cash injection into EMI in September to meet the terms of Citi’s loan.
It is possible Terra Firma is beginning an additional downsizing beyond the 2,000 EMI jobs it has slashed since acquiring the company in mid-2007.
The Telegraph newspaper reported EMI’s financial managing director Riaz Punja and Stephen Alexander, the head of catalog, will soon be discussing their future with Terra Firma chief Guy Hands.