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EMI Group’s new owners Terra Firma have ousted Eric Nicoli and shaken-up the music company’s board.

Nicoli, the CEO of EMI Group and EMI Music, has agreed to “step down” ahead of the music major’s expected Sept. 18 de-listing from the London Stock Exchange.

The European equity firm’s managing directors Chris Roling and Ashley Unwin have been inserted into EMI’s board.

Terra Firma is also forming a new governance structure, which will see the EMI board reporting into a new supervisory board chaired by the equity house’s CEO Guy Hands. (Billboard)

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