Pakman steps down as eMusic ceo

NEW YORK eMusic, the world's largest retailer of independent music and the world's second-largest digital music service after iTunes, announced that president and ceo David Pakman will depart the company. Pakman will become a partner at a premier venture capital firm.

Pakman joined eMusic as Chief coo 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."