eMusic's vocal president and CEO David Pakman is leaving the indie-focused digital retailer. He is exiting to become a partner at venture capital firm, which the company has not yet named.

As a result, the company has retained executive search firm Barlow Group to conduct a search for a new chief executive. Pakman will remain with the company until the end of the year and will remain on eMusic's advisory team and executive board.

Pakman joined the company in 2004 as COO and was promoted to CEO in 2005.

Updated:
Silicon Ally Insider claims it has confirmed the VC firm is NY-based Venrock. Pakman blogged about his departure on the eMusic Web site.