UPDATED: EMI CEO Nicoli Is Out; Terra Firma Takes Control; Nicoli’s $6 Million Takeout

Updated: Nicoli’s is leaving with more than $6 million (3 million GBP)…1.65 million GBP in salary, benefits, bonus and pension contributions, and will cash in another 1.35 million GBP of shares, reports FT.

Original post: EMI Group (LON:EMI) CEO Eric Nicoli (pictured, left, at our June NYC mixer) has agreed to leave the London-based record label as part of shake-up that brings in new management from its private equity buyer ahead of a stock market delisting next month, the company announced. Terra Firma is installing its own board members as it prepares to take the company private. Among the changes:

— Chris Roling becomes COO of the overall EMI Group and CFO of both EMI Group and EMI Music, while Ashley Unwin becomes director of business transformation for both EMI Group and EMI Music.

— Martin Stewart, CFO of EMI Group and EMI Music, has also resigned as a director of EMI but Roger Faxon, chairman and CEO of the music publishing division, will continue.

— Under a new governance structure, the EMI board will report to a new supervisory board chaired by Terra CEO Guy Hands and other execs from the private equity firm including its MD Julie Williamson, who will focus on strategic business relationships.

Statement: “The initial focus will be to maximize the value of the significant assets in EMI’s publishing business and to realize the digital opportunity in recorded music … We will invest in the business to ensure that it grows both organically and by acquisition.”

After 14 years in EMI, Nicoli was named CEO after a restructure in January, following which, under his watch, EMI became the first major label to drop copy protection on digital music downloads. But, while digital looks promising, EMI has also suffered a succession of profit warnings amid falling sales in physical music formats. After holding out for an offer from Warner Music Group, EMI shareholders this month accepted a £2.4 billion ($4.8 billion offer) from Terra Firma.