Guys Hands has conceded that the restructuring of EMI Records will take longer than expected.
But the owner of Terra Firma, who took over at the record label in 2007, insisted that EMI could once again become successful.
“I passionately believe that we can,” Hands told BBC Radio 4.
“I think it will take us longer than we expected and clearly our commitment to it in terms of money is bigger than we expected it to be, but we’ve been totally determined all the way through to do the best for the company, and in our belief that will succeed.”
Hands has received widespread criticism since Terra Firma's takeover in August last year.
In January, Hands told EMI’s board that he would be cutting 2,200 jobs – nearly one-third of EMI’s entire workforce - in order to cut spending costs at the record label.
But in a rare interview, he defended the “difficult” decisions he had taken, saying: “Making those decisions is not pleasant but the reality was the EMI we purchased was not working and we had to make change.”
Hands’ plans for the company have proved controversial with EMI’s artists, a number of whom have left the label in the last 12 months.