CEO David Pakman To Depart eMusic
NEW YORK, Sep. 29, 2008 -- eMusic, the world’s largest retailer of independent music and the world’s second-largest digital music service after iTunes, today announced that President and Chief Executive Officer David Pakman will depart the company. Pakman will become a partner at a premier venture capital firm. The name of the firm was undisclosed. eMusic has retained the Barlow Group, a Connecticut-based executive search firm to recruit a new chief executive.
Pakman will remain with the company through the end of 2008 to assist with the transition. He will remain an active member of eMusic’s advisory team; serving on the company’s Board, and will continue to be involved with the company in the future. Pakman joined eMusic as Chief Operating Officer in 2004 and was elevated to CEO in August 2005.
“I’m proud of what we’ve accomplished over the past five years,” said Pakman. “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,” said Danny Stein, Chairman of eMusic and President of JDS Capital Management. “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.”
About eMusic
eMusic (http://www.emusic.com) is a specialty digital entertainment retailer that has been at the forefront of offering MP3 downloads and customer-friendly prices since its inception in 1998. The company is focused on serving customers aged 25 and older by offering independent music and audio books in a universally compatible format at a great value. It is the world’s largest retailer of independent music and the world’s second-largest digital music service after iTunes, with more than four million tracks from 40,000 of the world’s leading independent labels and thousands of titles from top audio book publishers. To super-serve its more than 400,000 customers, eMusic provides award-winning editorial content, a vibrant online community and unrivaled music discovery tools. eMusic’s subscription-based service offers free music downloads or one free audio book at sign-up, giving consumers an inexpensive, low-risk way to explore great new music and books they wouldn’t find otherwise. The company’s music download promotions help world-class brands reward and engage with their customers. Based in New York with an office in London, eMusic is available in the U.S., Canada and 26 E.U. nations. eMusic.com Inc. is wholly owned by Dimensional Associates, Inc., the private equity arm of JDS Capital Management, Inc.
NOTE: eMusic is a registered trademark and eMusic.com is a trademark of eMusic.com Inc. All other trademarks are the property of their respective owners.
Media Contacts:
Cathy Halgas Nevins
eMusic
212-201-9201 or cnevins@emusic.com
Denise Yantin
eMusic
212-300-2885 or dyantin@emusic.com
