Former BSkyB boss joins EMI

MARTIN STEWART, the former BSkyB senior executive whose ambition to head the satellite broadcaster was dashed by the appointment of James Murdoch, has re-emerged in a top role at EMI.

The music group said it is appointing Stewart, 41, as group chief financial officer.

He replaces Roger Faxon, the new president and chief operating officer of EMI's music publishing division where he will work under Martin Bandier, who remains full-time chairman of the subsidiary until 2008.

Stewart is reckoned to have taken at least £4m from BSkyB when he left in August having quit as finance director shortly after the appointment of Murdoch. However, part of the pay-off is believed to have been under non-compete restriction clauses.

Prior to joining BSkyB where he spent eight years - six as finance director - Stewart worked for EMI's old rival PolyGram.

It would appear that Stewart, who during his time at BSkyB was no stranger to fat pay cheques and share payouts, may be destined for big things.

Chief executive Eric Nicoli said: 'In Martin Stewart we have attracted an outstanding executive with a strong track record in the media sector and someone who has the talent to take the company to the next level of performance.'

Faxon will return to New York to take up his newly-created post in February at which time he will quit the group board. He will rejoin the board in 2006 when replacing Bandier as chief executive of music publishing.