LONDON (Alliance News) - Shares in 7digital Group PLC dropped sharply Friday after Deputy Chief Executive Officer Pete Downton left the digital music services company.
Shares in 7digital were 11% lower at 1.35 pence on Friday.
Downton - a former Imagination Technologies PLC executive - joined 7digital in 2014, serving as chief commercial officer as well as deputy boss.
"Pete has made a tremendous contribution to the company during the four years since its creation," 7digital Chair Don Cruickshank said.
"On behalf of the board," Cruickshank added, "I would like to thank him for everything he has done, significantly in positioning the company within the music industry and securing the major music labels as both suppliers and customers. He leaves with our gratitude and very best wishes for his next move".