'Alongside other cost-cutting initiatives already in motion, this will save the company close to £1M per annum, reducing cash burn in the most effective way.'
"This will save the company close to £1M per annum, reducing cash burn in the most effective way."has stepped down from his role as director and CEO of 7digital, effective immediately, after just over three months at the London-based digital services company., who moved to 7digital the same time Aalbers did, is exiting the company as well. 7digital in April to replace former CEO, he was "immediately challenged with the financial difficulties faced by the company.
"Julia Hubbard and I have reached the conclusion, and the Board agrees with our recommendation, that it would be in the Company's interest for me and Julia to step down," he writes. "Alongside other cost-cutting initiatives already in motion, this will save the company close to £1M [$1.25M] per annum, reducing cash burn in the most effective way.", who will become the company's new director and CEO.
Aalbers adds that he and Langworthy have been working on a strategy to refinance the company through a combination of asset sales and fundraising, also securing a new, strategic majority investor. With the final phase of fundraising in progress, he expects to raise an additional £4.5 million [$5.6 million] in the coming weeks -- which would save the company from going into administration, a process similar to chapter 11 bankruptcy.
"These funds will provide the Company with the necessary resources to implement the revised strategy and put the Company on a solid path towards both growth and profitability," he writes. "Nevertheless, the Company needs to further consolidate and control our operating costs to support the new model," which is why he and Hubbard decided to make their exit.
At the start of the year, 7digital lost a major contract with electronics company MediaMarktSaturn, owners of German music service Juke. Dramatic executive changes followed in March and April, including the departures of Cole, deputy CEO
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