Monday, March 23, 2009
From Google to Gone: EMI Boots Digital Boss Douglas Merrill
Douglas Merrill, the Google vet tapped by struggling record label EMI to run its digital operations a year ago, is out. He doesn’t have a formal replacement, but the company’s top digital exec will now be Cory Ondrejka, whom Merrill brought in as his number two. Merrill’s hire in April 2008 was supposed to represent EMI’s willingness to break free from its old CD-based businesses, and a breath of fresh air. Merrill, who had formerly been Google’s CIO, cheerfully admitted that he had no background in the music business.
A lot of people couldn’t understand why Guy Hands, the private equity guy who bought EMI in the summer of 2007, was willing to pay so much for the music company. Now he says he agrees with them–his Terra Firma buyout firm has written off half the $3.2 billion he paid for the company. He may have to write off more before he’s done.
