The reverberations from the departure of TuneCore CEO Jeff Price continue, with his co-founder Peter Wells – who was asked to leave the company a month before – criticising the board of directors that made both decisions. “I’ve not heard any satisfactory explanation as to why Jeff was asked to leave, nor have I been told who’s running the company,” says Wells, who remains a TuneCore shareholder. “I and the other shareholders need to be kept informed, and the silence is distressing. Since Jeff left, TuneCore appears to be merely following through on Jeff’s initiatives as I understand them.” Wells is also concerned that “the company is now in the hands of its big-money investors… VC has to answer to its own needs, its return-on-investment, and its ultimate exit”. A notion that Wells and Price surely considered when deciding to raise funding in the first place.
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