As expected, following the U.S. and European governments' approval of Universal Music Group's acquisition of EMI's recorded music division, EMI CEO Roger Faxon announced he would be stepping down from the label. Faxon sent an email late Friday to EMI staffers, saying his last day on the job would be this Friday, September 28.
In the letter, Faxon discussed at length how the European concessions will affect EMI employees, as some will remain with the company under UMG while others will have to wait until their division or label is spun off to a new owner to find out their fate.
Faxon added, "We have accomplished so much together, broken new ground, learned so much from each other, built lasting friendships and had a lot of fun along the way. Our dedication to our artists and our commitment to doing the right thing on their behalf has enriched us, and changed their lives – and those of millions of music fans around the world – forever. That is the legacy all of us carry with us, as we move on to the next chapter in our lives."