London - Major record label EMI announced on Monday that it has named Elio Leoni-Sceti, former executive vice president of Europe for consumer brand company Reckitt Benckiser, as its new chief executive of EMI Music. Entrepreneur Guy Hands, who has served as CEO since his private equity firm Terra Firma acquired EMI for $4.7 billion last May, will step back to become non-executive chairman of EMI.

London - A representative for the Rolling Stones has denied a report in the U.K.'s Observer over the weekend that the band will end its 30-year relationship with major label EMI and sign a new deal with concert promotion giant Live Nation (NYSE: LYV), Reuters reported. "We are not in talks with Live Nation in connection with any record deal," band spokesman Bernard Doherty said in a statement.

London - U.K.-based major record label EMI, which under new owner, Guy Hands' Terra Firma, has already announced 1,500 to 2,000 layoffs at its recorded music division, now plans to eliminate an additional up to 1,000 positions, bringing the company's total headcount from around 4,500 to 2,000, The Telegraph reported, citing sources.

London - Major record label EMI Group on Tuesday announced a major restructuring, that will see between 1,500 and 2,000 of the company's 5,500 employees let go, and other initiatives the company says will reduce costs by $393 million annually. "We have spent a long time looking intensely at EMI and the problems faced by its Recorded Music division which, like the rest of the music industry, has been struggling to respond to the challenges posed by a digital environment," said EMI chairman Guy Hands, whose private equity firm Terra Firma acquired EMI last year for $4.7 billion.