Rhapsody, the music streaming service on Monday showed the pink slip to 15% of its staff members and announced that its president, Jon Irwin, is also resigning. The company also said that Columbus Nova Technology Partners, an investment firm has now become its major shareholder.
Looking for new CEO
Another change for Rhapsody comes with the replacement of Adi Dehejia, the chief financial officer of the company. Dehejia will be substituted by Ethan Rudin who is a former Starbucks strategy executive.
Rhapsody also mentioned that it is looking for a new CEO. Meanwhile, business operations will be overseen by a committee of the company’s executives.
Off late, the digital music service has been experiencing a frenetic pace of activity with the streaming service Rdio announcing on Monday that Cumulus Media Inc. had taken a minority stake. Similarly, one day after proclaiming its new CEO, Brian McAndrews, Pandora said that it would raise up to $279.4 million in a share offering.