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Orchard President & CEO Greg Scholl Announces Resignation
The Orchard announced that President & Chief Executive Greg Scholl has resigned from the company, effective November 1st, having accepted a new position to be announced in the coming weeks. Scholl will remain at the company through the end of October to assist in structuring an orderly transition before beginning his new position on November 2nd. As of October 1, 2009, Director Danny Stein will become interim CEO, supported by an expanded role for current Orchard General Manager Brad Navin. Board Chairman Michael Donahue will lead a search committee to evaluate candidates and identify a new leader for the company. Scholl's resignation comes as the company announced a restructuring resulting in the reduction of 20% of its global headcount, among other cost savings, taking advantage of technology efficiencies and aligning costs with a slower-than-expected digital music market growth rate. "Reducing staff is always a difficult decision, but in this case, the responsible one, and it better positions The Orchard for future growth and profitability," said Greg Scholl, President and Chief Executive of The Orchard. "While we are disappointed to lose Greg, The Orchard has one of the best and most experienced teams in the industry and we will continue to offer existing and new clients the high level of service and innovation they have come to expect," said Danny Stein, an Orchard Director and in-coming Interim CEO. "Over the past two years, The Orchard has completed two major acquisitions and invested in technology efficiencies to make our global team more productive. As a result, and also considering the digital music market grew less quickly than we expected it to grow during 2009, we have eliminated positions and implemented other cost saving measures," continued Stein.
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