– Struggling major record label EMI Music on Wednesday said that CEO Elio
Leoni-Sceti will step down on March 31, to be replaced by Charles Allen as
executive chairman.

Allen had served as non-executive chairman of EMI since
January 2009.

EMI said that Leoni-Sceti’s two-and-a-half year tenure saw
"increased sales, improved market share and industry-leading

"Our goals for EMI Music remain the same," said Allen.

"I will support and guide the group’s strong team, keep EMI’s focus on
creativity and superb A&R, and deliver a digital platform. This is a great
business — our task is to ensure it has a great future."

EMI parent
company Terra Firm has now written off 90% of the $4.7 billion it spent to
acquire EMI back in 2007, and is reportedly seeking $150 million to keep up
with loan payments to Citigroup, which helped finance the acquisition,
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(EMI statement)