Troubled record company EMI has named former ITV boss Charles Allen as its new chairman. Allen was already non-executive chairman at the firm.

EMI also said chief executive Elio Leoni-Sceti would leave at the end of the month after two-and-a-half years. EMI had annual losses of £1.75 billion.

Private equity house Terra Firma is seeking billions in damages linked to its £4bn purchase of EMI in 2007. Its boss Guy Hands accuses the bank of inflating the price of the firm by not revealing that the only other bidder, Cerberus Capital Management, had withdrawn.

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