It of course could be customized on the client side, but customization the Rendering of a Field on a List View using XSLT is preferable option here.
Solution
(the method described here represents one of the possible ways how it could be customized with XSLT)
In SharePoint Designer (SPD) open view page in Designer Mode. Select list item in List View that have to be customized and then click Customize Item as shown on picture below
Switch to Code mode and replace generated code for rendering email addresses with the following one:
<!--xsl:apply-templates select="." mode="PrintFieldWithECB">
<xsl:with-param name="thisNode" select="$thisNode"/>
</xsl:apply-templates-->
<xsl:call-template name="SplitEmailAddresses">
<xsl:with-param name="emailAddresses" select="$thisNode/@EmailAddresses" />
</xsl:call-template>
Note:
a) Generated code for printing field values of email addreses commented out here
b) For rendering field is used SplitEmailAddresses template here, the source code for it is provided below
c) For selecting field value is used query
$thisNode/@EmailAddresses, where EmailAddresses correspond to field
internal name of email addresses separated by semicolons
<xsl:template name="SplitEmailAddresses" ddwrt:ghost="">
<xsl:param name="emailAddresses" select="."/>
<xsl:param name="separator" select="';'"/>
<xsl:param name="counterEmail" select="1"/>
<xsl:if test="($counterEmail mod 4) = 0">
<br/>
</xsl:if>
<xsl:choose>
<xsl:when test="not(contains($emailAddresses, $separator))">
<xsl:value-of select="$emailAddresses" disable-output-escaping="yes" />
</xsl:when>
<xsl:otherwise>
<xsl:value-of select="substring-before($emailAddresses, $separator)" disable-output-escaping="yes"/>
<xsl:call-template name="SplitEmailAddresses">
<xsl:with-param name="emailAddresses" select="substring-after($emailAddresses, $separator)"/>
<xsl:with-param name="separator" select="';'"/>
<xsl:with-param name="counterEmail" select="$counterEmail+ 1"/>
</xsl:call-template>
</xsl:otherwise>
</xsl:choose>
</xsl:template>
Gist link
After these changes the resulting page should like the shown below
