EMI names new chief executive

EMI, the troubled record label, has changed its top management for the second time this year, weeks after private equity owner Terra Firma persuaded its investors to pump another £105m into the business. Chief executive Charles Allen and Lord Birt, chairman of EMI’s holding company Maltby Capital, have stepped down to become advisers to Terra Firma. Roger Faxon, an old EMI hand who has run its music publishing division since 2007, takes the helm.