Andy Slater who stepped down from his post as CEO of Capitol Records could receive a payout that could exceed $15 million.
Under Serious Fire……………………
Andy Slater the former CEO of Capitol recieved negative press about the ability to steer the ship but the NY Post states other concerns regarding CEO of EMI Nicoli and new Capitol/Virgin CEO Jason Flom.
Several music industry executives said Nicoli the biscuit king-cum music neophyte could find himself in the same unemployment line if he doesn’t reverse EMI’s financial fortune by June.
“He’s now operating a major music company and has no experience operating one,” said one music industry executive.
Other sources find it odd that Virgin CEO Jason Flom survived the merger while Capitol CEO Andy Slater was forced to step down.
Sources pointed out that Slater had grown Capitol’s market share to 4% at the end of 2006 where Virgin’s market share slipped to 1.75% from 2%. According to Nielson Soundscan, Capitol currently has a 4.6 market share while Virgin holds 1.5% of the market.
Sources say many Flom’s new act have had less than inspiring sales.
“Did you notice that Nicoli didn’t make any mention of Jason Flom’s accomplishment since joining EMI in the internal memo announcing his promotion,’ asked one source rhetorically. In the memo, Nicoli noted that Flom worked with acts that sold 150 million albums worldwide before coming to EMI but said nothing about his performance since joining.
One manager said, there’s no way you are bringing your artist to EMI until this thing clears up.