Former CD Baby CEO Tracy Maddux has abruptly stepped down from his role as Downtown Music Holdings’ chief commercial officer (CCO).
Downtown just recently announced the unexpected executive departure, which is “effective immediately.” Maddux led CD Baby for over a decade before signing on in October of 2020 as CCO of Downtown, which had purchased the indie distributor in 2019.
Now, a little over three years later, Maddux is no longer part of Downtown, as initially mentioned. The precise reasons behind the development are unclear; Maddux reposted Downtown-related news on LinkedIn only days ago, but hadn’t penned a post on his exit at the time of this writing.
Meanwhile, the statement Maddux provided for Downtown’s formal release appears light on concrete details and any indication of the next step in his career.
“It has been a remarkable journey at Downtown, and I am proud of everything we have achieved together,” relayed Maddux. “From the strategic sale of CD Baby, AdRev, and DashGo, to leading our M&A practice and working towards the integration of FUGA and Curve, we have set new industry standards.
“I am now eager to embrace new challenges and opportunities that lie ahead. I want to thank [Downtown CEO] Andrew Bergman and [Downtown executive chairman] Justin Kalifowitz for their unwavering support and partnership during our work together over the past 13 years,” he concluded.
In remarks of his own, Bergman emphasized the “universally respected” Maddux’s “material contributions to our culture and to the growth of the business” and noted the professional’s “continued association” with Downtown.
On the latter front, the New York City-headquartered company also disclosed that Maddux has committed to “serving as a consultant and advisor in support of key strategic initiatives throughout 2024.”
Moving forward, it’ll be worth keeping an eye out for where Maddux lands – and whether Downtown, which has experienced several other executive shakeups and reorganizations on the year, sees additional higher-ups step away.
Specifically regarding changes to Downtown’s various chief commercial officers, it should be mentioned in conclusion that over nine-year FUGA veteran Dorothee Imhoff became CCO of the Downtown subsidiary at 2023’s beginning, according to her LinkedIn profile. Moreover, Downtown in March officially announced Imhoff’s start as CCO and revealed that former FUGA CCO David Driessen would transition to chief business officer of Downtown Music.
Lastly, longtime Downtown exec Jedd Katrancha in July pivoted from CCO of Downtown Music Services to the same role within Downtown Music Publishing, his own LinkedIn employment history shows.