When Eric Nicoli , at the time chief executive of United Biscuits , was named as the next chairman of EMI at the start of last year the jibes came thick and fast.

What did a man who had spent 19 years selling Jaffa Cakes and Hula Hoops know about the pop charts? More keenly felt than the barbed comments was the 4.5% fall in EMI's share price which accompanied his appointment.

Yesterday he sported a barely suppressed grin, perhaps in answer to those critics, as he presented the joint venture with Time Warner . With his close cropped hair and slim fitting suit over an admittedly burly figure, the 49- year-old sat tapping his hand on the arm of his chair in time to Madonna's Ray of Light suggesting he was every bit a player.

Mr Nicoli joined EMI after a sustained period of difficulty compounded by falling music sales worldwide. There were a succession of profit warnings, the business was rife with management disputes and its share price was at new lows after Seagram bought PolyGram instead of EMI.

Since joining, he has focused on reducing costs and developing a strategy for the internet. Profits are again moving up and its market is recovering, although it would be difficult to say how much credit could be laid at Mr Nicoli's door.

The one thing which he had to achieve was a deal with another entertainment industry major - which he has accomplished while maintaining the semblance of control.