Charles Allen joins EMI Music after surprise departure

By Helia Ebrahimi 700AM GMT eleven March 2010

Former ITV trainer Charles Allen, who has taken over at EMI Music. Photo JAMES FRASER

The warn depart comes at a supportive time for the song business, whose primogenitor association is inextricable in efforts to remonstrate investors to smash in to in some-more cash, after the catastrophic merger of EMI Group in 2007 by in isolation equity account Terra Firma.

Despite open statements only weeks ago that he was focused on the plea forward and remained entirely committed to EMI, Mr Leoni-Sceti pronounced in a matter that his pursuit was "now done" and that it was time for him to move on.

EMI promotes former ITV trainer to revitalise fortunes Terra Firma investors would rather not feel the suffering of appropriation EMI EMI and Warner Music should simply punch the bullet and combine Ex-ITV trainer Charles Allen declared authority of EMI Music EMI looks to the Dark Side to grow games participation Michael Grade at ITV it seemed similar to a great thought at the time

Insiders at the song organisation pronounced Mr Leoni-Scetis abdication had been "gratefully accepted". His exit comes only months after he complained to Guy Hands, owner of Terra Firma, that staff spirit at the association was at an all-time low and that artists sealed to EMI had lost conviction in the company.

Last month the home of Katy Perry and Coldplay posted a �1.8bn loss after a �1bn spoil assign and warned it faced a "significant shortfall" in assembly the borrowing covenants.

Mr Allen, who had been non-executive chairman, will take full carry out of the commercial operation plan for EMI Music, piece of the song organisation that is perplexing to lift �120m from Terra Firma investors to equivocate breaching promissory note covenants on �2.7bn of loans due to Citigroup.

Relations in between the association and the bank have been the centre of a multi-billion dollar legal case launched by Mr Hands. He has indicted Citi of tricking Terra Firma in to shopping the song organisation at the tip of the marketplace in 2007.

EMI has valid a catastrophic investment given Terra Firma paid for it for �4.2bn by the Maltby Capital investment vehicle. More than 90pc of the equity has been created off and it has indispensable money injections twice to wand off promissory note breaches.

Mr Leoni-Sceti, who has overseen complicated cost-cutting at the song business, had been a warn preference to head EMI Music after fasten from consumer products association Reckitt Benckiser with no song industry experience.