eMusic Looks For Successor To Departing CEO David Pakman
September 29, 2008 at 1:55 PM (PT)
EMUSIC Pres./CEO DAVID PAKMAN will be leaving the company to become a partner at an undisclosed venture capital firm. In the meantime, EMUSIC has retained executive search firm the BARLOW GROUP to recruit a new chief executive.
"I'm proud of what we've accomplished over the past five years," PAKMAN said. "EMUSIC has one of the best operating teams in digital entertainment, has grown into a sophisticated direct marketing enterprise, and is a company with a proven business model. Our subscriber base now tops 400,000 -- more than six times where we started, and we've increased revenue tenfold. Our success has outlasted many other players in the space, and we're now the only remaining stand-alone digital entertainment retailer."
"DAVID has been instrumental in transforming EMUSIC from a niche music business to a global direct marketing platform capable of delivering any form of downloadable digital media," JDS CAPITAL MANAGEMENT Pres./EMUSIC Chairman DANNY STEIN said. "While we're proud of DAVID's success and the great team that survives him, we look forward to working with a new CEO who will take the company from $70 million of revenue to several hundred million of revenue."