New York - Digital music service eMusic announced on Monday that president and CEO David Pakman is stepping down to become a partner at an unnamed "premier venture capital firm."

Pakman, who joined the company as COO in 2004, will remain with the company through the end of the year to assist with the transition, retain his seat on the company's board and continue to serve as an advisor.

New York-based eMusic said it has hired executive search firm Barlow Group to recruit a new chief executive.

"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," said Danny Stein, chairman of eMusic and president of JDS Capital Management.

eMusic counts over 400,000 subscribers to its service, which offers more than 4 million tracks from 40,000 mainly independent record labels.

Related Links:
http://www.emusic.com