EMI Music, the record label crippled by debt, announced yesterday that Elio Leoni-Sceti, its chief executive, is to leave after just 18 months and before completing a rescue plan.
People close to the company said Mr Leoni-Sceti and Guy Hands, whose Terra Firma private equity company owns EMI, had been unable to agree on a strategy for the plan, which was due to be presented to Mr Hands in the coming weeks.
Another person close to EMI said: “Elio jumped because he didn't see a way of delivering the business plan in a form that Guy would find acceptable.
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