entertainment for people. I love it. I love the business of it. If you look at my career you'll see that theme running all the way back. So when Marty [Bandier, CEO and chairman of the Group] and Eric [Nicoli, EMI group chairman] were looking at what would be the right way to ensure there was continuity in EMI Music Publishing, Marty's quick answer was me. I have worked with him for a number of years and have been a colleague for even longer [Faxon was appointed CFO of EMI Music Publishing in 1999].
"I have started in a very good place as I already have Marty's confidence and I have worked very closely with everyone here at EMI Publishing so I am a known entity.
"This is a business of relationships and so the handover has to be respectful of these relationships. They don't just happen, they happen over time as you earn the regards of people as Marty has done with the people he works with everyday.
"I've always come at the business from the side of the product. To be CEO, you need to understand and be analytical on one side but you need to understand the emotion that drives the creative process as well. In the last few years as CFO I have had to be more analytical. But our product is an emotional product so the transition for me is about regaining the balance I have had in the past – the analytical and emotional – and ensuring the balance is proper in the business as well. You can go in and sit there and say here is what the return on invested capital must be. But guess what. Having a songwriter write a song is not a return on investor capital process. Return on investment is a result of the creative process, not the causation. The causation is helping that songwriter to be the very best songwriter they can be, then helping them market their song.
For the business to be as successful in the future as it has been in the past everyone needs to create a balance between the analytical view, and understanding the economics of the business and the emotional and creative side. By doing this, we can forge a more effective decision -making team.
The world is getting more complex. There are many different uses of our music than when I started in EMI music. Artists and songwriter need to understand how this works so the people who speak to them most - the creative staff - need to know how it works also. And, if we can be of a greater service to them, the greater the likelihood they will continue to work with us in the long-term. We are a service business so people in the business need to be more rounded in their understanding.
The challenge for me is to build the relationships with the most important people, the people who produce the music and their representative as well as those who influence the development of our business. The mobile world is a huge opportunity for the music world and therefore for the publishing business. We also have the prospect of changing the way music is consumed and that sets in to motion the way our songwriters have to react.
Building relations with the right people in the music business that will allow him to build the creative side of the business and understanding in a deeper way what the forces are that are going to change the business i.e mobile technology so he can anticipate them are two of the three factors Faxon has identified as determining his success going forward.
The third factor is to "be myself. I am not Marty. He is unique. Marty has been running this business brilliantly for a long time and stepping in to those shoes and trying to match that record of success is daunting. The great news is that Marty is not going away [Bandier will act as a consultant to EMI Music for three years after leaving his post in 2008]".
Andrew Lynch, CEO Compass Group's Travel Concessions Business
Andrew Lynch is CEO of Compass Group's International Retail and Travel Concessions business. He joined Compass in 1992, when the group bought Traveller's Fare where Lynch was FD. He had been part of the management buyout at Traveller's Fare.
Of his time at Traveller's Fare he says: "To get an opportunity to take a company, which had a £100 million turnover, and to grow it in to other market channels was a lot of fun and a great experience. It was where I got my first experience in concession catering so in a sense I have come full circle as CEO of the Group's International Retail and Travel Concessions business."
In 1992, when he joined Compass, it was a £300 million business – it is now a £12 billion operation in over 100 countries. "The CEO at the time had implemented a new strategy for growth which I was lucky enough to get involved in," says Lynch. In 1997 he was appointed group FD and seven years later, in January 2004, he was appointed CEO of the travel concessions business.
"I enjoyed the group FD role very much and there was no great career plan. Mike Bailey, the group's CEO, suggested the group would benefit by separating its retailing businesses - we would be able to grow faster. Structurally it was the right thing to do but it obviously created a CEO position. Mike said: "are you interested in having a go?" I thought about it and thought yes, why not?
"I have had no great career plan. There is an enormous amount of luck in this and being in the right place, at the right time. It is also about appetite for the challenge: I was lucky that the role of FD at Compass was a very broad role. It encouraged you to get widely involved. I enjoy the wider commercial aspect of business.