No More Coke and Hookers for EMI

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CFO.com: Never Mind the Music

"Beyond the digital revolution, however, there’s arguably a much more profound transformation going on at EMI. As Faxon explains, during the growth years of the 1960s, ’70s and ’80s – "when we were cash machines" – EMI was like all the other record companies, "putting employees first, then the artists and finally the shareholders." His aim since becoming group CFO has been to turn that perspective around, so that "shareholders come first, then the artists and then the employees. It changes the way we think. If you take the shareholder view, that means you’re looking at long-term value growth.""

EMI’s CFO has the candor to admit that companies in his industry don’t focus on their customers.

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