The Orchard Cuts Staff, CEO To Exit September 29, 2009
- Indies
By Cortney Harding, N.Y.
Digital distributor the Orchard has announced the resignation of president and chief executive Greg Scholl, along with a 20% reduction in global headcount, including temps and consultants.
According to recent filings, the Orchard had 101 full time staff members. Sources tell Billboard that some of the layoffs occurred in the Orchard's physical distribution department. Scholl will remain with the Orchard through November, and Director Danny Stein will become interim CEO, supported by an expanded role for current Orchard GM Brad Navin.
Board Chairman Michael Donahue will lead a search committee to evaluate candidates and identify a new leader for the company. Scholl also said he will announce his acceptance of a new position in the coming weeks.
In the second quarter of 2009, the Orchard had revenues of $15 million and gross profit of $3.9 million. Compared to the second quarter of 2008, revenues had increased 13%.
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