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EMI Share Price Drops On Restructure Announcement

By Paul Cashmere
Sat, 13 Jan 2007 09:35:38 +1100

EMI Group shares dropped 7.28% today after the announcement of a restructure and the departure of Chairman and CEO Alain Levy and Vice Chairman David Munns.

Levy and Munns were brought in to resurrect the major English label 5 years ago.

EMI Music is the home of The Beatles, Robbie Williams, Gorillaz, Coldplay and Keith Urban.

The share price at the close of the London Stock Exchange on Friday was 245.45 pence. The 7.28% drop is nearly 20% down on the years high in July 2006 of 313.75 pence and closing in on the 12 month low of 238.56 pence.

Eric Nicoli, Executive Chairman of EMI Group since 1999 has been announced as the new CEO.

Worldwide sales for EMI's biggest selling albums of 2006 were:

1. Coldplay : X&Y (9.9m)
2. Robbie Williams : Intensive Care (6.2m)
3. Gorillaz : Demon Days (5.9m)
4. K.T. Tunstall : Eye To The Telescope (2.6m)
5. Keith Urban : Be Here (2.5m)
6. The Rolling Stones : A Bigger Bang (2.4m)
7. Korn : See You On The Other Side (1.8m)
8. Depeche Mode : Playing The Angel (1.6m)
9. Trace Adkins : Songs Adkins : Songs About Me (1.5m)
10. RBD : Rebelde (1.5m)
11. Paul McCartney : Chaos and Creation In The Backyard (1.3m)
12. Dierks Bentley : Modern Day Drifter (1.3m)
13. Radja : Langkah Baru (1.2m)
14. Raphael : Caravane (1.1m)
15. Kate Bush : Aerial (1.1m)
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