EMI restructures, warns investors as execs exit

January 13, 2007 Weaker-than-hoped for holiday season sales prompted music major EMI Group to issue a profit warning Friday, detailing its latest restructuring to cut costs and announcing the departure of its two top recorded music executives. Longtime EMI executive chairman Eric Nicoli will take over the new role of CEO and in that position be responsible for EMI Music. "Specific fixed cost saving initiatives will include the reduction of front and back office overhead and an increase in shared services in both divisions and across all regions," the company said.

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