Terra Firma Capital Parnters, Ltd., the privity equity firm that paid $4.9 Billion for the struggling media giant, announced that EMI’s CEO Eric Nicoli and CFO Martin Stewart would be let go prior to the completion of the takeover. Chris Roling, managing diretor for Terra Firma, will be both CEO and CFO of EMI Group (recorded music) and EMI Music (music publishing). Roling will report directly to .Guy Hands, who will chair a board created to supervise the new entity. Julie Williamson, another managing director of Terra Firma, will serve with Hands on the supervisory board that is being created to focus on EMI’s strategic business relationships. Nicoli has been widely criticized in his role and the chief officer of EMI. There are rumors that Terra Firma intends to spin off the recorded music business and retain only the music publishing divisions of the company. Perhaps some support to this rumor is evidenced by the fact that Roger Faxon, the current CEO and CFO of EMI’s music publishing division, is the only current executive that will be retained after the transition. Terra Firma’s managing director, Ashley Unwin, will be the director of business transformation.