Jaxsta’s symphony struggles to find its rhythm, employs third CEO in two years

In what can be considered a rather intense game of musical chairs, music credits database company Jaxsta (ASX: JXT) has appointed its third CEO in less than two years—Josh Simons. Simons replaces Beth Appleton who was appointed to the role in April 2022.

Now the former CEO, Appleton, commented, “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. I’m proud to have been a part of the Jaxsta evolution, and look forward to watching the business continue on
mission.”

Simons joined Jaxsta after the recent Vampr acquisition on June 1, 2023, and became the Chief Strategy Officer. However, he has now been appointed as the CEO, and will assume both roles. Jaxsta Chair, Linda Jenkinson, also congratulated Josh on his new position as CEO. She said, “Josh has worked closely with Beth and her team over the past few months and was instrumental in attracting new cornerstone investment into the company.”

Jaxsta acquired the music social networking platform Vampr in June for $5 million, setting the stage for its B2C expansion. Simons co-founded Vampr—a social-professional network for musicians—in 2015. With 1.3 million users, Vampr facilitated eight million global connections and was recognised as one of Fast Company’s Most Innovative Companies in 2022. Simons, a successful artist, songwriter, and producer, holds a Bachelor of Business from Swinburne University and topped The Music Network’s 30 Under 30 List in 2020.

On becoming Jaxsta’s CEO, Simons said, “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. Revenue, cost efficiency and profitability remain the top priorities for Jaxsta and I look forward to building on the current momentum.”

He added, “We have the foundation for a transformational global music product as we continue to integrate Vampr into the business and scale the Vinyl.com platform.”

Besides the new CEO, the Company also tapped into more funding. Last week, Rich Lister, WiseTech Founder and CEO, Richard White, became a substantial shareholder, holding 9.64% in the Company as part of its $3 million capital raise.

White shared, “I’ve been following Josh Simons for a number of years as the founder and CEO of Vampr. 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. Now that Vampr is a part of Jaxsta, Josh will, no doubt, contribute his drive, skills and experience to the larger business. I see his contribution will be able to create a clear path to revenue and profitability for Jaxsta.”

Between 2022 and 2023, Jaxsta’s founder has stepped down as director, and the Company has put its CEO playlist on shuffle. With Simons now in the role, will Jaxsta finally be able to pivot its focus from its leadership to products?