HOW MEAN IS MY VALLEY?

Sr VP of Purchasing Ron Phillips and VP of National Sales Richard Plummer-Raphael are exiting Valley Media as the bloodbath continues at the largest music and video wholesaler in the country. Following the recent exit of CEO Rob Cain, Valley Media is continuing a profound reorganization, as founder and interim CEO Barney Cohen has just let go the last of the senior staff that over the last decade arguably built Valley Media into the national powerhouse that it is today.

All of the recent departures (including last year's exit of SR VP GM Ken Alterwitz, who was replaced by former Atlantic Records Sr. VP Sales Pete Anderson} are the victims of the disappointing numbers that Valley has posted ever since filing last year's IPO. Lew Garrett, an industry legend and former head of purchasing for Camelot, is said to be taking over for the widely respected Phillips, who came to Valley eight years ago from Miami-based Specs Music. There is no word yet regarding the replacement for 12-year vet Plummer-Raphael

The company's stock closed today at 3 3/8.