(CelebrityAccess MediaWire) — In a surprise announcement today, Sanctuary Group’s board has dismissed CEO Andy Taylor over his methods of handling the company’s financial accounts.
The London-based company issued a statement that said the decision to get rid of Taylor came after an investigation into its 2005 financial statement found mistakes had been made, according to Billboard.biz.
Frank Presland, CEO of Twenty-First Artists Management, will fill his role until the end of the year, after which time the position will be reviewed. Presland’s company, which handles Elton John and James Blunt, among others, was acquired by Sanctuary in 2005 for $30.1 million.
Sanctuary’s board moved to replace Taylor after concluding “that certain of the prior year adjustments made in the 2005 accounts should have been presented as a correction of fundamental errors and not as changes in accounting policy.”
Queries from the Financial Reporting Review Panel prompted the review. The FRRP reviews accounts of public and large private companies for compliance with the law and accounting standards.
Taylor, who had presided over damaging losses at the company in recent years, had switched his role earlier this year from chairman to CEO, while former British Airways CEO Bob Ayling was hired as a non-executive chairman.
In a statement, Ayling described Presland as “a hugely experienced and respected industry figure who knows the group well.” Presland, he added, will “help drive the business to deliver appropriate levels of performance,” according to Billboard.
Taylor founded Sanctuary as an artist management company in 1976 with business partner Rod Smallwood, with whom he managed metal act Iron Maiden. Through acquisitions and organic growth, the company developed a 360-degree business model with interests in artist management, recorded music, music publishing, visual entertainment and merchandising. Smallwood is currently chairman of Sanctuary Artist Management Worldwide. –by CelebrityAccess Staff Writers