EMI seeks £200m in savings

31 January 2008
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31 January 2008 | Jake Kanter

Music firm EMI is looking to make £200 million of savings through a shakeup of its recorded music division.

The changes could see up to 2,000 people made redundant. But a spokesman for the firm told SM it was "too early to say" how the savings drive would affect the firm's purchasing strategy, or if procurement staff would lose their jobs.

The announcement follows a review of the record label by private equity firm Terra Firma, which bought EMI last year.

It said many of the calls for change had come from staff, musicians and their managers. EMI represents artists including Iron Maiden and Robbie Williams.

The group appointed Chris Roling, ICI's former head of finance, procurement and logistics, as chief financial officer last August. He also sits on the board.

Planned changes include streamlining key departments such as manufacturing and marketing into one division, and a greater focus on developing partnerships with new musical talent. Guy Hands, EMI Group chairman, said in a statement:

"We believe we have devised a new revolutionary structure for the group that will improve every area of the business."


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