7digital announces new CEO
7digital (AIM:7DIG), the global leader in B2B end-to-end digital music solutions, announces that Simon Cole is to step down as Director and Chief Executive in April.
Simon has led the Company since its creation from the reverse merger with UBC Media in 2014. His departure has been planned since last year; he is leaving to concentrate on his other business interests.
After an extensive recruitment process the Board is pleased to announce that Simon's successor as CEO will be John Aalbers who has an extensive track record, specialising in building early- and mid-stage technology companies. His most recent role was as CEO of Arts Alliance Media where he established the company as the undisputed leader in operational support software for the cinema industry, before managing the successful sale to Luxin Rio of China. Prior to that, John was in the Telecommunications sector where he held roles including CEO of Volubill and numerous senior positions with CGI and Intec Telecom Systems (now CSG International).
John will join the Company on April 1st and it is intended that he will join the 7digital Board upon completion of the required nominated adviser due diligence process.
Don Cruickshank, Chair of 7digital, commented:
"The Board wishes to give profound thanks to Simon for his insights and vision in seeing that many companies and brands would wish to support and nurture their business models with music delivered by streaming technologies, and that they would need access to a neutral, efficient and cost-effective platform. That is what 7digital now provides and, after some turbulent years, it is very well positioned to thrive in the streaming-based music market of the future. We wish him well in his future endeavours.
"We now welcome John Aalbers to the role of CEO. His career is distinguished with success in a number of not-dissimilar challenges to those facing 7digital, all based on sector focussed software and platform services. The Board looks forward to working with John to build the Company both in scale and scope of business."
Simon Cole commented:
"This transition was planned last year when we felt that 2018 would mark the successful growth into profitability after four years. In the end, the events surrounding MediaMarktSaturn's sudden strategic changes in December had a profound effect on the Company and I felt I could not leave until that position was resolved and satisfactory settlement had been achieved. Now that has been done, I leave 7digital in good shape and in good hands. I have enjoyed this adventure and, in particular, leading an extraordinarily talented and dedicated group of people."
[pictured: incoming 7digital CEO John Aalbers]
Find the original RNS from 25th March 2019 and contact information here.