All is not well at the UK’s only major record label EMI. Since the purchase of the label by private equity group Terra Firma last year, the company has managed to lose two of its major assets. Firstly Radiohead severed links with EMI by making their album In Rainbows available as a download, and then signing with XL Records for the release of the album in CD format.

Paul McCartney was next to go, choosing to market his acclaimed album Memory almost full through coffee house group Starbucks.

Coldplay announced this week that they are unlikely to re-sign with EMI once they have fulfilled their contract. Their fourth album provisionally entitled Prospekt is due for release later this year. That would leave a Greatest Hits album to make up the five.

EMI have today,  announced the departure of chairman and chief executive Tony Wadsworth. His departure was said to be part of the ongoing restructuring of EMI Music.