Imeem Restructuring; Jang Exits
March 30, 2009 at 5:12 AM (PT)
STEVE JANG has resigned as Chief Marketing Officer at IMEEM, the financially troubled social network, reports CNET. JANG's departure had been planned for some time and was amicable, said MATT GRAVES, an IMEEM spokesman. He added that JANG, who also led the company's business development unit, will remain associated with IMEEM as a strategic adviser. GRAVES said JANG was leaving "to do something new" but would not disclose what that was.
In addition, the company's VP/Western advertising sales has resigned. She, too, had planned to leave, GRAVES said. According to GRAVES, IMEEM has also laid off six employees as part of a company restructuring. The company now intends to double efforts to make the service profitable.
The reorganization of the company comes as IMEEM fights to stay afloat and has asked investors and some of the top music labels for a new financial arrangement, according to a report by the news blog ALL THINGS DIGITAL. Some of the investors and labels have agreed to new deals, according to the report.
IMEEM is the latest ad-supported music service to stumble this year after RUCKUS and SPIRALFROG ceased operations.