7digital's chief commercial officer heads for the exit

(Sharecast News) - 7digital said on Friday that chief commercial officer Pete Downton was resigning from the board of directors and leaving the company.Downton also served as deputy chief executive officer.Chair Don Cruickshank said: "Pete has made a tremendous contribution to the company during the four years since its creation. On behalf of the board, 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."The news comes a day after the company - a provider of B2B end-to-end digital music solutions - said it had signed a two-year deal with Music Powered Games to set up and maintain full-track streaming services for its new "arcade of games", which launched on Thursday in a single app, MuzArcarde.Although it did not disclose the terms of the agreement, 7digital said it will contribute to its monthly recurring revenues from launch and the company will receive a "significant" set-up fee.At 1305 GMT, the shares were down 5.4% to 1.44p.