Deezer announces departure of CEO Jeronimo Folgueira

Jeronim, who joined the outfit in May 2021, will continue in the role until the end of March, following which a new CEO will be announced in due course.

In a statement, the company’s board expressed appreciation to Folgueira for “remarkable accomplishments” since arriving at the firm and reaffirmed “its commitment to the group’s roadmap, focused on increasing its direct subscriber base in key markets, particularly in France, and maintaining partnership growth to secure international expansion.”

Deezer chairwoman Iris Knobloch said: “On behalf of the board, I would like to extend my warmest gratitude to Jeronimo for all the work done over the course of these last three years. Together, we have accelerated the development of Deezer, listed the company on Paris Euronext and put us on a path to profitability and free cash flow generation, in line with our commitments since the IPO. Deezer is back on a growth trajectory and can now build from a solid foundation, with a talented management team to capture the many opportunities in a rapidly evolving music market.”

On his part, Jeronim said: “I am extremely proud of what we have achieved over the last three years, not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution to an experience service platform, and the introduction of the new artist-centric payment system,” Jeronimo said. “I am also grateful to the outstanding management team and everyone that works at Deezer, as well as our board of directors, and in particular our chairwoman, Iris Knobloch, and our vice-chairman, Guillaume d’Hauteville, for their support. It has been an honour to serve Deezer as CEO and I remain fully committed to supporting the company through the management transition.”

The development follows a Wednesday announcement that Deezer’s yearly combined revenue experienced a 7.4% uptick, reaching € 485m ($525m).

“Our revenue and subscriber growth substantially accelerated in Q4 and our continued improvements in profitability pave the way for us to achieve cash flow breakeven this year,” Folgueira said in a statement. “Our partnership strategy is bearing fruit, driving our overall growth and helping us win market share outside France.”

Deezer adds that it is steadfast in its commitment to profitability, aiming to attain positive free cash flow by 2024 and operational profitability by 2025.

Deezer was founded in 2007, and is currently available in more than 180 countries worldwide, boasting 10.5 million subscribers.