EMI Group Names New Chairman

Struggling British music giant EMI Group has found a successor to longtime Chairman Sir Colin Southgate, who will step down July 31.

United Bisquits Chief Executive Eric Nicoli, who has served as a nonexecutive director on EMI’s board since 1993, will take over the London-based company, which is home to such recording artists as Janet Jackson, Garth Brooks, the Beatles and the Beastie Boys.

Sixty-year-old Southgate, who built EMI into a global music powerhouse, has been criticized in recent years for sinking profits and for bungling talks that could have led to the possible sale of the company. EMI officials have repeatedly denied that the corporation is on the auction block.

Ken Berry and Martin Bandier, heads of EMI’s recording and music publishing arms, will continue to run the company’s daily operations but will report to Nicoli and EMI Chief Finance Director Simon Duffy.