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Rhapsody Cuts Staff By 15%, President Resigns

Rhapsody said President John Irwin is stepping down amid a 15% cut in the  company's staff, as the music streaming service struggles to compete with rivals like Pandora (NYSE:P).The Seattle-based company also announced Columbus Nova Technology Partners, an investment firm that owns "Rock Band" developer Harmonix, is now a significant shareholder in Rhapsody.Technology news website The Verge first reported the moves on Monday.The layoffs cover staff in the U.S. and will leave Rhapsody with about 200 employees globally.As part of the restructuring, Rhapsody hired former Starbucks strategy executive Ethan Rudin to serve as chief financial officer, replacing Adi Dehejia.During the search for a new CEO, Rhapsody will be run by a committee of current executives, including Rudin. Irwin will remain with the company as a strategic adviser."We are grateful to Jon Irwin for his leadership contributions and also want to thank those employees we've had to let go today for their hard work and commit...

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