Paris-based music streaming company Deezer has announced the departure of its CEO Jeronimo Folgueira.
The company says that Folgueira “has decided to resign to pursue personal projects” and that the Board of Directors is currently in the process of nominating a new CEO, who will be announced in due course”.
Deezer also says that Folgueira will continue to fulfill his duties as CEO until his departure at the end of March 2024.
Deezer hired Jeronimo Folgueira as its new CEO in May 2021.
He took over the role from Hans-Holger Albrecht, who previously led Deezer since 2015.
In a statement issued on Wednesday (February 28), the Deezer Board said that it “extends its gratitude to Jeronimo for all of his remarkable accomplishments since arriving at Deezer in May 2021, and in particular for the great results achieved in 2023”.
The company’s Board added: “Deezer remains focused on profitability while maintaining a significant acceleration of revenue growth in order to achieve the goals set at the time of the IPO: become free cash flow positive in 2024 and achieve operational profitability in 2025”.
Deezer published its FY 2023 financial results and user metrics on Wednesday.
The company counted 10.5 million global subscribers at the end of December 2023, which was up 11.5% YoY.
The company said on Wednesday that its subscriber growth arrived “on the back of strengthened market position in France and expansion of [its] global footprint through partnerships”.
Jeronimo Folgueira said: ”I am extremely proud of what we have achieved over the last three years, not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution to an experience service platform, and the introduction of the new Artist Centric Payment System.”
“It has been an honor to serve Deezer as CEO and I remain fully committed to supporting the company through the management transition.”
Jeronimo Folgueira
Added Folgueira: “I am also grateful to the outstanding management team and everyone that works at Deezer, as well as our Board of Directors, and in particular our Chairwoman, Iris Knobloch, and our Vice-Chairman, Guillaume d’Hauteville, for their support.
“It has been an honor to serve Deezer as CEO and I remain fully committed to supporting the company through the management transition.”
“On behalf of the Board, I would like to extend my warmest gratitude to Jeronimo for all the work done over the course of these last three years.”
Iris Knobloch, Deezer
Iris Knobloch, Chairwoman of the Board of Directors said: “On behalf of the Board, I would like to extend my warmest gratitude to Jeronimo for all the work done over the course of these last three years.
“Together, we have accelerated the development of Deezer, listed the company on Paris Euronext and put us on a path to profitability and free cash flow generation, in line with our commitments since the IPO.
“Deezer is back on a growth trajectory and can now build from a solid foundation, with a talented management team to capture the many opportunities in a rapidly evolving music market.”Music Business Worldwide