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Tuesday, March 6, 2001

MUSICBANK CEO STEPS DOWN

by

Marc Pollack

Downing Forced Out By Old Man Potter After $8,000 Shortfall, Town Rallies, Angel Gets Wings

Michael Downing, President/CEO of online music locker Musicbank, will leave his posts to serve in an untitled role that will focus on partnerships and long-term strategy.

According to numerous published reports Monday (3/5), Downing will remain at the company's helm until a replacement is named.

The troubled netco laid off 29% of its workforce last month (hitsdailydouble.com, 2/26), and this executive shuffle does not bode well for the service, which has yet to launch its long-planned restructured business model.

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