BYE BYE BANDIER

In a move that took no one by surprise, EMI Music Publishing Chairman/Co-CEO Marty Bandier formally announced his resignation this morning. He told about 40 of the publisher's worldwide executives, gathered for a meeting in New York City, that it is time to pursue other opportunities.

Unless other arrangements are announced, Bandier plans to stay with the publisher for just six more months, when he will then be a free agent, cutting short his previously planned exit, which was to take place in 18 months. He was then expected to stay on as a consultant three more years.

As rumored about here and elsewhere, there have been discussions between Bandier and Warner Music Group chairman Edgar Bronfman Jr. over the possibility of him replacing Richard Blackstone at Warner/Chappell Music. There is also talk of Bandier acquiring EMI Music Publishing with private equity backing.

Bandier co-founded SBK Entertainment World in 1984, which was acquired five years later by then-Thorn EMI, with Marty becoming Chairman/CEO of EMI Music Publishing. EMI Music Publishing annual revenue through March 31 reached $795.5 million, with an operating profit of nearly $200 million.

Last year, Bandier reportedly informed EMI Group Chairman Eric Nicoli that he wished to transition out of the company.

Roger Faxon became President/COO of the publisher on Feb. 1, 2005. In April 2006, Faxon began sharing the CEO title with Bandier. Faxon was expected to become sole CEO in April 2007, with Bandier resigning his chairman post in March 2008, then acting as a consultant to the publisher for another three years.

Commented Nicoli: “Over the last 17 years, Marty Bandier has led the development of EMI Music Publishing into a world-leading force. Roger Faxon and his highly talented management team will drive this outstanding business to new heights in the years ahead."

Added Bandier: "It is very satisfying to be leaving the company in such a strong position. It's a good moment to pass the torch. I wish EMI and Roger all the best for a bright future."

Bandier's contract with EMI runs until April 2007, when he will leave the company.