ARTISTdirect, Inc. has made several changes to its Board of Directors resulting in a net reduction from ten to six members. The Board has accepted the resignations of Cliff Friedman, Dara Khosrowshahi, Lee Masters, Fred Roberts, and Allen Lenard. Each of the resignations was an individual action made for personal reasons. None of the resignations reflected any disagreement with management or the actions of the Board.
Jerry Rubinstein has joined the Board as an independent director and will also join existing directors Steve Krupa and Ben Moody on the Audit Committee. In addition, the Board has approved a reduction in the number of authorized directors from ten to eight and the company intends to recruit additional independent directors to fill one or both of the vacant positions.
Rubinstein is chairman and CEO of Music Imaging & Media Inc., a premium digital music programming service for commercial establishments. A pioneer in the programming, marketing and distribution of digital music, he founded DMX, Inc. (Digital Music Express) in 1986 and ultimately sold the company to cable television giant TCI. A lawyer and certified public accountant, his business career also includes co-founding a prominent entertainment business management firm, serving as chairman and CEO of the music division of the American Broadcasting Company, acquiring, developing and successfully selling United Artists Records, and co-founding and serving as chairman of Bel Air Savings & Loan Association.
Ted Field, ARTISTdirect chairman and CEO, commented, "In light of recent legislation and the existing legal environment regarding corporate governance, individual directors often feel they are exposed to greater potential liability in connection with serving as directors of a public company, whether large or small. We greatly appreciate the contributions of Cliff, Dara, Lee and Fred and wish the best for each of them. We're pleased that Allen Lenard will continue to provide legal counsel to the company, an invaluable role that he has played since our founding. I also want to thank Jerry Rubinstein for his vote of confidence in joining the Board. We look forward to his new perspective and active involvement."
