The chair of 7digital Group plc has stepped down.
Tamir Koch resigned the position at the London-listed music group to focus more time on the development of eMusic Blockchain but will remain on the board as a non-executive director.
Mark Foster, who has been a NED of the company since April 2015, takes over as interim chairman with immediate effect.
The B2B digital music solutions provider also announced that it has secured a loan from a significant shareholder. It has entered into an agreement with Magic Investments, represented by David Lazarus – a director of 7digital – for a loan of £500,000.
The unsecured loan is repayable before 1st October 2023 with interest at 5% per annum, payable on a quarterly basis, and will be used in part to repay a £50,000 loan from Koch.
“We are pleased to have secured this financing, which will primarily be used for working capital purposes. I’d like to extend my thanks to David on behalf of myself and the executive team for his trust and support,” said Paul Langworthy, CEO.
“I’d also like to thank Tamir for his advice and support throughout his tenure as chairman. He has made a tremendous contribution to the development of the business, and I am pleased that he remains on the board and we retain access to his experience and expertise.”
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Foster has spent much of his career in the music industry, in a succession of marketing and international roles for all three major labels, including time in Paris as marketing director for Warner Music France.
Returning to London as vice president of European marketing, he oversaw pan-regional marketing strategy before founding Warner Music International’s New Media Division.
After leaving Warner, he launched and ran Deezer in the UK and Ireland, then was appointed CEO for Arts Alliance, a leading global player in event cinema.
He added: “7digital has done some exceptional work in seizing the growth opportunities in music licensing in fitness & wellness and social media, and establishing itself as a leading music platform for brands.
“Yet I am sure it is only a small fraction of what the company will achieve in the future. I look forward to continuing to work with the 7digital team to deliver further growth and drive shareholder value.”