Australian music-credits firm Jaxsta’s CEO Beth Appleton has stepped down with immediate effect, to be replaced by Josh Simons.
He was the boss of music-industry social network Vampr, which Jaxsta acquired earlier this year. The deal was completed at the start of June with Simons becoming chief strategy officer at Jaxsta.
His swift elevation to the top job follows an AUD $3m (around $2m) funding round last week that saw tech firm Wisetech’s CEO Richard White take a 9.64% stake in Jaxsta.
“I’ve been following Josh Simons for a number of years as the founder and CEO of Vampr,” said White. “I have been impressed by his tenacity, focus, vision and particularly the ability to build a commercial model that grows and retains revenue and customers.”
Veteran label exec Appleton had joined Jaxsta in in July 2021 as chief marketing officer, before becoming CEO in April 2022.
“I will relish my time at Jaxsta and the initiatives that I drove. I wish Josh, and the incredible team, all the very best for the future,” said Appleton in a statement.
The company’s latest half-yearly reports revealed revenues of AUD $209.6k ($139.8k. That was up 577.2% year-on-year, but Jaxsta recorded a net loss of just over AUD $4.5m ($3m) for the period.
“Jaxsta has a clear vision and product roadmap going into FY24, and that’s a credit to the Board, Beth and the team who have done a remarkable job,” said Simons.
“Revenue, cost efficiency and profitability remain the top priorities for Jaxsta and I look forward to building on the current momentum.”
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