EMI restructuring emphasizes A&R
Ernesto Schmitt named president of catalog
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The company, which has been reshaped to emphasize Artists & Repertoire services, will be split into three groups -- new music, catalogue and music services -- according to a Financial Times report. EMI Music's chief executive, Elio Leoni-Sceti, announced Thursday that Ernesto Schmitt, an executive with Europe's second-largest consumer electronics retailer DSG, has been named president of catalog for EMI. He will join the company in December.
Leoni-Sceti will travel to EMI's offices around the globe to explain the new set-up, beginning Friday at a meeting at the Shepherd's Bush Empire club in London.
The FT reported that EMI had $91.7 million in earnings before interest, tax, depreciation and amortization between April 1 and Set. 30. Company's recorded music sales fell 12% in the U.S. during the period.
New hire Schmitt succeeds Stephen Alexander, a Terra Firma managing director who has led the catalog division as its interim president since March.
At DSG Intl., which operates the Dixons, Currys and PC World stores, he was group development director, responsible for redesigning the company's international marketing and advertising model and building new customer channels.
In 2001 and 2002 Schmitt was EMI Group's senior VP of strategy and business development. Prior to that he founded Peoplesound.com, an Internet venture designed to help consumers discover music and to help music companies develop consumer insight.
