Headlines

June 10, 2008

EMI owners 'don't believe in label presidents'...Trink, Flom out...won't be replaced...

Fox News | Read Full Story >

Fox News:

By the time you read this column, Lee Trink, the popular and affable president of Capitol Records, will be telling his troops his last day is June 30.

Sources tell me Trink’s resignation will be followed in short order by that of Jason Flom, head of Virgin Records. Both labels are part of EMI Music.

And get this: Neither Trink nor Flom will be replaced. Guy Hands and the folks from Terra Firma, the new owners of EMI who have no experience in the record business, don’t believe in label presidents.

UPDATE:

WSJ:

As EMI Group Ltd.‘s new private-equity owners continue to retool the company and its management, people familiar with the matter say the company is negotiating the exit of Jason Flom, who oversees EMI‘s recorded-music operations in North America as chairman of Capitol Music Group.

[...]

“Mr. Flom could be entitled to a hefty settlement payment, people familiar with the situation say, because EMI is set to install an executive who would be senior to him, an apparent violation of Mr. Flom’s employment contract.”


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Previous comments include

#1 brother mayhem says:

nice job Terra Firma, bean counters in charge of labels

#2 thelink says:

yeah! fuck the presidents! theres no black man or white woman in site fighting for the position anyways.

where are they mr hands?

#3 Aloha Mr. Hands says:

You Dick!

#4 realfan says:

Ch-ch-ch-ch-changes! Everything changes. Will be interesting to see how Capitol will be doing by fall.

Dave
http://reality_bytes.today.com

#5 JA&R says:

Sources tell me there trying to keep flom in the office no matter what...i guess only time will tell

#6 labboy says:

save flom!


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