What on earth is going on?
He and Rod founded the company decades ago.
I know; I regard both as close friends.
Had lunch with them both a few weeks ago.
Anyone know the truth?

If it's true this is a major story.

too late to call; still too early this morning but I've e-mailed both Rod and Andy and will immediately correct this if false or provide further information if true.

The Board of The Sanctuary Group, ('Sanctuary' or 'Group'), the international music group, today announces that Group Chief Executive Andy Taylor has been removed as a director of the company. Frank Presland, Chief Executive of Twenty-First Artists Management Limited, has been appointed to the Board to be Chief Executive for the remainder of 2006, at which point the position will be reviewed. Mr. Presland, 62, is Chief Executive of Twenty-First Artists Management Limited, a music management company providing management services to acts including Elton John and James Blunt. Twenty-First Artists was acquired by Sanctuary in 2005.

The Board's decision to remove Mr. Taylor followed their conclusion 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. The Board reached this conclusion in the context of its review of the 2005 financial statements in order to respond to questions raised by The Financial Reporting Review Panel (FRRP).

As a result of this review, the Board confirms that the accounting policies adopted by the Company in the 2005 financial statements in respect of the items under review were appropriate and no adjustments are required to be made to the consolidated balance sheet of the Group as at 30 September 2005 as a result of the review. The P&L account for the year to 30 September 2005 may be adjusted as a result of certain exceptional items being recognised in prior years.

Bob Ayling, Chairman, said: "I am delighted that Frank Presland has agreed to step up to the role of CEO. He is a hugely experienced and respected industry figure and knows the Group well. He will help drive the business to deliver appropriate levels of performance."