London - Fresh off of its $4.8 billion acquisition of major record label EMI Group, private equity firm Terra Firma has replaced the two top executives at the company, CEO Eric Nicoli and CFO Martin Stewart.

The Guardian reported that Nicoli will receive a payoff of about $5.6 million, while Stewart will receive around $2 million.

Remaining with the company is Roger Faxon, who heads the company's music publishing business.

Terra Firma named Chris Roling as chief operating officer of EMI Group, and CFO of both EMI Group and EMI Music. Roling previously was head of the finance, procurement and logistics businesses at ICI, a maker of paints, adhesives and specialty products.

Additionally, Terra Firma managing director Ashley Unwin -- previously a management consultant at Deloitte Consulting -- was named director of business transformation for EMI Group and EMI Music.

"The new management structure will allow EMI to benefit from Terra Firma's experience in strategically transforming businesses and driving operational change," said Terra Firma head Guy Hands.

"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."

Related Links:
http://business.guardian.co.uk/story/0,,2158315,00.html

http://www.emigroup.com/Financial/Proposed+acquisition/Default.htm