Board member Brochu named prez/CEO.
Jeffrey M. Cavins has resigned as president/CEO of Loudeye Corp. to "pursue other opportunities," according to a statement released today (Feb. 1) by the Seattle-based digital services company.
Succeeding Cavins as president/CEO is Michael A. Brochu, who was most recently chairman/CEO/president of e-business company Primus Knowledge Solutions. Brochu has served on the Loudeye board of directors since December 2003.
Cavins was named Loudeye chief in March 2003. "Jeff was instrumental in Loudeye becoming a global platform, poised to capitalize upon the opportunities in digital media distribution," says Anthony Bay, chairman of the board of directors. "Mike inherits a stronger company due to Jeff's efforts and leadership. We wish the best for Jeff in his future endeavors."
Meanwhile, Loudeye has revised its revenue guidance for the fourth quarter of 2004. The company expects to report revenues of $6.3 million for the period, with net loss of $4.8 million-$5.2 million. Actual results will be reported March 1.
Loudeye stock was trading after the announcement up five cents at $1.58.