Greg Scholl is leaving his post as president and CEO of digital music label The Orchard. He says he’ll be taking an executive post at another company on November 1; he didn’t offer any details. The Orchard’s director Danny Stein will become interim CEO until the company finds a permanent replacement. At the same time, the New York company said that it is cutting 20 percent of its staff, though it didn’t offer any specific bodycount.
While The Orchard (NSDQ: ORCD) acquired two companies over the past two years, most notably online music and video distributor Digital Music Group Inc., it’s found that the market for indie music downloads has slowed. The company expects continued to slow growth for at least the next year, and so decided to do some cost cutting to prepare itself. At the same time, Scholl’s departing words were that the layoffs will help The Orchard achieve profitability, though he didn’t indicate when the company might reach that point. Release

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